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Score Your Institution Across Nine Pillars of Risk
Nearly two-thirds of banks and credit unions entered at least one FinTech partnership over the past three years, and 35% made an investment in a FinTech. Of those that haven’t partnered or invested, 37% plan to partner in 2022, and 18% expect to make an investment in 2022. If you are looking to expand your FinTech partnerships, make certain your bank is ready to manage these unique relationships.
Regulators are directly involved in the FinTech partnerships being established across the industry. Comprehensive upfront due diligence and risk-based monitoring programs are required for regulatory support. SRA provides expertise and guidance utilizing our proven risk maturity framework, focused on managing FinTech risk. The FRB, FDIC and the OCC have all issued regulatory guidance around conducting due diligence on financial technology companies and will hold FIs accountable for the actions or issues related to their FinTech partners. SRA Watchtower can help you be prepared!
Implementing a FinTech Risk Framework ensures your FinTech relationships appropriately support the strategic and financial goals of the bank. It should document an initial assessment and measure ongoing performance of the banks FinTech Partners. The scope of the overall risk program is dependent on the potential risk of each individual Fintech to the Bank. The benefits of implementing SRA's FinTech Risk Management Framework, powered by Watchtower are...
Through Watchtower, customers can easily map a partner’s current state, track changes, view historical results, and access powerful workflow capabilities to manage FinTech risk.