Episode Title: The Speed of Risk: Bridging the Gap Between Compliance Models
Podcast: Financial Forward – A McCarthy Hatch Podcast
Duration: 43:33
Episode Summary:
In this episode of Financial Forward, host Jim McCarthy explores the evolving dynamics of risk management in the financial sector. Drawing on his expertise as a former founding member of the CFPB, Jim compares the traditional compliance methods of prudential regulators with the CFPB’s modern, data-driven approach. He highlights the challenges banks face in adapting to real-time risk identification and the urgent need for a mindset shift to align with 21st-century regulatory expectations.
What You’ll Learn:
- The limitations of legacy compliance models built for prudential regulators.
- How the CFPB uses consumer sentiment data to uncover harm in real time.
- Why time is no longer a luxury in managing regulatory risks.
- Strategies for modernizing compliance systems to meet today’s demands.
- Practical insights on how banks can proactively identify and mitigate risks.
Key Takeaways:
- Risk identification has dramatically accelerated with the CFPB’s innovative methods.
- Legacy compliance systems often delay actionable insights, increasing vulnerability.
- Embracing real-time analysis and modern compliance tools is essential for staying competitive.
Resources Mentioned:
- CFPB Consumer Complaint Database (consumerfinance.gov)
- McCarthy Hatch Insights on Compliance and Risk (McCarthyHatch.com)
Connect With Us:
- Website: McCarthy Hatch
- LinkedIn: McCarthy Hatch on LinkedIn
- Email: info@mccarthyhatch.com
More from Jim:
LinkedIn: https://www.linkedin.com/in/mccarthyhatch/
https://www.mccarthy-hatch.com/
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