Naomi Snyder
Editor-in-Chief
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Written by
Naomi Snyder
Editor-in-Chief
Editor-in-Chief Naomi Snyder is in charge of the editorial coverage at Bank Director. She oversees the magazine and the editorial team’s efforts on the Bank Director website, newsletter and special projects. She has more than two decades of experience in business journalism and spent 15 years as a newspaper reporter. She has a master’s degree in journalism from the University of Illinois and a bachelor’s degree from the University of Michigan.
Let’s see, the year 2017 brought us three devastating hurricanes in Texas, Florida and Puerto Rico, and out-of-control wildfires in California. What else could go wrong? As a member of a bank’s board, you’ve always got to look out for the risks around the corner. We’ve prepared a list of risky items to prepare for in 2018.
CYBERSECURITY BREACHES TAKE CENTER STAGE
The massive Equifax breach that exposed the social security numbers of half of the American population showed how vulnerable the nation is to cyberattacks. Bank boards are more than ever getting regular updates on cybersecurity at their institutions, as well as getting involved in planning and oversight of the bank’s cybersecurity defenses. Seventy-seven percent of respondents to Bank Director’s 2017 Technology Survey are confident their bank and board are prepared for a cyberattack or data breach.
LOAN DEMAND WEAKENS
The latest Federal Reserve Senior Loan Officer Opinion Survey found that demand for commercial and industrial loans has weakened, consistent with third quarter 2017 earnings reports from banks. Commercial real estate loan demand also weakened, and banks have been reporting weaker demand since this summer, according to a research report from investment bank Keefe, Bruyette & Woods. How could this impact your bank in the future?
NEW FRAMEWORK TIES STRATEGIC PLANNING TO RISK
Banks are increasingly using enterprise risk management in strategic planning. One good question to ask: Are you getting paid for the risks you’re taking with your different product lines? Deloitte has a paper on this topic.
VENDOR MANAGEMENT GETS HEIGHTENED ATTENTION
As banks increasingly partner with fintech companies that may or may not have much experience with bank regulation and compliance, it’s increasingly important that boards ask questions about the vendor management policies and procedures of the fintech, making sure they are up to snuff. If something goes wrong, your customers will blame you.
WRITTEN BY
Naomi Snyder
Editor-in-Chief
Editor-in-Chief Naomi Snyder is in charge of the editorial coverage at Bank Director. She oversees the magazine and the editorial team’s efforts on the Bank Director website, newsletter and special projects. She has more than two decades of experience in business journalism and spent 15 years as a newspaper reporter. She has a master’s degree in journalism from the University of Illinois and a bachelor’s degree from the University of Michigan.
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