Digitally enabled, automated, interconnected, and real-time services and innovations fuel business but with what current and emerging regulatory risks? Did you know that:
- Bank information technology concerns constitute 25 percent of all cited supervisory concerns, with most related to risk management and controls, according to the OCC.
- Insufficient data protection or information security can constitute an unfair practice, according to the CFPB.
- Multiple investigations of companies’ records preservation practices and employee use of unauthorized communication channels, including personal devices, have been initiated by the SEC and other regulators.
- A new approach to the data privacy and security framework is needed and, according to the FTC, particularly one that would involve substantive limits rather than procedural protections.
See our new Point of View, Regulatory Scrutiny of Technology and Data.