Chadds Ford, PA (PRWEB) September 03, 2015
In response to headlines filled with talk of Target, Home Depot, Michaels, and their respective data breaches, Bridgeforce looks ahead to the impact this will have on the regulatory environment. Inconsistency in fraud capabilities and resources present significant regulatory risks. Institutions will need to be quick to adopt solid strategies, practices and controls to effectively manage fraud. The new white paper titled “Focusing in on Consumer Fraud Operational Risk Challenges” is the first in a series that will focus on fraud and how banks can protect themselves and their customers. The paper highlights three main areas that will most likely be the focus of regulatory attention:
1. Policies, procedures, and delivery of internal controls
2. Solutions in place for prevention and detection
3. Protection of consumers while using the institution’s products
According to Michelle Macartney, Managing Director of US Banking Practice at Bridgeforce, “Planning and preparation are paramount if an institution is going to stand up to regulatory scrutiny around Fraud Operational Risk practices.” This highlights the need to be proactive and implement these practices and capabilities consistently to stay ahead of regulation.
“We have been actively monitoring the increasing regulatory scrutiny and the changes it has brought across the financial services industry,” adds Michelle, “Based on the national media attention in the fraud space, we fully expect that our clients are going to see the focus shift to the protection of consumer data while using banking products. The time is now to ensure operational risk practices in fraud functions are on par with other areas of financial institutions.”
Bridgeforce is a specialized multi-national consulting firm serving a variety of clients involved in almost all aspects of the consumer and small business lending and payments space. Over 75 percent of Bridgeforce consultants come directly from client-side leadership positions across multiple parts of the credit lifecycle. Combined with subject matter expertise in operations, technology, strategy and regulatory issues, Bridgeforce has the knowledge and experience to make the hard choices in developing and implementing best-fit solutions that are both achievable and lower the risks of execution to ensure sustainability. Bridgeforce success can be attributed to a culture fostering innovation and evolving experienced-based best practices recognized within the industry. For more information, visit http://www.bridgeforce.com.