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Risk Management Third-Party Service Provider

WilmerHale

FINRA’s 2025 Annual Regulatory Oversight Report: Focus on AI, Other Emerging Risk Areas, and Best Practices

WilmerHale on

On January 28, 2025, FINRA published its Annual Regulatory Oversight Report (the Report). The Report highlights emerging risk areas and recent developments, common compliance deficiencies, and best practices for member firms....more

Carlton Fields

Will Insurers Be Required to Don a Deerstalker? The Case of Third-Party Vendors in Insurance

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Regulators are growing concerned about the delegation of various insurance company functions, prompting a closer examination of third-party vendors. Several groups within the National Association of Insurance Commissioners...more

Hogan Lovells

The European Commission rejects draft Regulatory Technical Standards on subcontracting under the Digital Operational Resilience...

Hogan Lovells on

What has happened: On 21 January 2025, the European Commission sent a letter to the Chair of the Joint Committee of the ESAs with its decision to reject the draft Regulatory Technical Standards (“RTS”) on subcontracting...more

Ward and Smith, P.A.

Data Privacy Insights Part 2: The Most Common Types of Data Breaches Businesses Face

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As part of Data Privacy Awareness Week, Ward and Smith is spotlighting the most common types of data breaches that businesses encounter. In Part 1, we explored the industries most vulnerable to cyberattacks, highlighting the...more

Clark Hill PLC

What Debt Settlement Companies Need to Know When Working With Third Party Payment Processors (Whitepaper)

Clark Hill PLC on

Clark Hill’s Financial Services and Regulatory Compliance Group has authored a whitepaper for debt settlement companies considering engaging a third-party payment processor for managing accounts and handling financial...more

Benesch

Key Considerations in Developing a Comprehensive AI Governance Policy and Mitigating Risks of AI Use

Benesch on

Crafting an AI Governance policy best suited for your business requires careful consideration of the types of AI, how AI will be used, current and future legislation, and a group of individuals specifically designated to...more

Benesch

Navigating Legal Liability in AI Adoption: What Healthcare Executives Need to Know

Benesch on

The adoption of artificial intelligence (AI) in healthcare has ushered in a new era of innovation that is transforming diagnostics, treatment planning and operational efficiencies. However, with great potential comes...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

The EU’s Digital Operational Resilience Act Comes Into Effect

The European Union’s Digital Operational Resilience Act (DORA) came into effect on January 17, 2025. DORA aims to harmonise rules concerning the provision of information and communication technology (ICT) services to...more

Morgan Lewis - ML Benefits

Dont Forget to Invite the Committee to the Party Fiduciary Committees as Parties to a Vendor Contract

In many situations, practitioners recommend establishing a fiduciary committee to oversee ERISA-covered employee benefit plans. There are several reasons for this, including providing a well-defined process for...more

Troutman Pepper Locke

6 Tips for Cos. Facing Service Provider Cyber Incidents

Troutman Pepper Locke on

It is no secret that ransomware dominates headlines, and cybersecurity incidents have become part of our everyday language. However, the criminal “business model” behind ransomware keeps evolving. Originally published in...more

Katten Muchin Rosenman LLP

DORA Takes Effect: Key Next Steps for Firms

After a two-year implementation period, the EU Digital Operational Resilience Act (DORA) takes effect on 17 January 2025. DORA is part of the EU’s Digital Finance Package and aims to strengthen the financial sector’s...more

Hogan Lovells

DORA – One week to go

Hogan Lovells on

The EU Digital Operational Resilience Act (“DORA”) is due to apply from 17 January 2025. It is designed to ensure regulated financial entities can withstand and recover from technology issues such as cyber events and...more

A&O Shearman

DORA: Get ready, get set, take action

A&O Shearman on

The Digital Operational Resilience Act 2022/2554 (DORA) is a European regulation that will come into force on January 17, 2025. The regulation aims to strengthen the digital operational resilience of the financial sector...more

Winstead PC

Top Data Privacy & Cybersecurity Considerations in 2025 for RIAs

Winstead PC on

Compliance and Regulations - Ensure adherence to SEC regulations with appropriate privacy and cybersecurity policies tailored to SEC requirements....more

Morrison & Foerster LLP

CFTC Staff Issues Advisory on the Use of Artificial Intelligence

Morrison & Foerster LLP on

On December 5, 2024, the U.S. Commodity Futures Trading Commission’s (“CFTC”) Divisions of Clearing and Risk, Data, Market Oversight, and Market Participants (together, the “Divisions”) issued a staff advisory (the...more

Jackson Lewis P.C.

Tips for Vacation Rental, Property Mgmt. Businesses Facing Vendor Cybersecurity Risk

Jackson Lewis P.C. on

No organization can eliminate data breach risks altogether, regardless of industry, size, or even if the organization has taken significant steps to safeguard their systems and train employees to avoid phishing attacks....more

Ogletree, Deakins, Nash, Smoak & Stewart,...

New York State Department of Financial Services Releases Guidance on Combating Cybersecurity Risks Associated With AI

On October 16, 2024, the New York State Department of Financial Services (NYDFS) released guidance highlighting the cybersecurity risks associated with artificial intelligence (AI) and how covered entities regulated by NYDFS...more

Ogletree, Deakins, Nash, Smoak & Stewart,...

CFPB Issues Guidance With Aggressive Interpretation of FCRA Applicability to Employee Monitoring and Screening Tools

The Consumer Financial Protection Bureau (CFPB) recently issued guidance that takes an aggressive position regarding the scope of the Fair Credit Reporting Act (FCRA) as covering certain employee monitoring and assessment...more

Husch Blackwell LLP

NYDFS Issues Guidance to Mitigate AI Cybersecurity Risks

Husch Blackwell LLP on

Keypoint: The New York Department of Financial Services (NYDFS) circulated an industry letter offering guidance to NYDFS “Covered Entities” for assessing and managing AI-related cybersecurity risks, including threats...more

Goodwin

NYDFS Publishes Guidance on AI-Related Cybersecurity Risks

Goodwin on

On October 16, 2024, the New York State Department of Financial Services (NYDFS or the “Department”) published an industry letter (the “Guidance”) regarding the increased reliance on artificial intelligence (AI) and the...more

Mayer Brown

New York State Department of Financial Services Issues Industry Letter on Cybersecurity Risks Arising from Artificial Intelligence

Mayer Brown on

BACKGROUND - On October 16, 2024, the New York State Department of Financial Services (DFS) issued an industry letter, Cybersecurity Risks Arising from Artificial Intelligence and Strategies to Combat Related Risks,...more

Goodwin

EU Commission Regulations on Digital Operational Resilience: A Reminder That DORA is Less Than Three Months Away and Will Apply to...

Goodwin on

The European Commission’s adoption on 23 October 2024 of the two regulations (Regulations) supplementing the [the Regulation on digital operational resilience for the financial sector Publications Office (europa.eu)] (DORA)...more

Cozen O'Connor

NYDFS Issues Guidance on Cybersecurity Risks Arising from Artificial Intelligence

Cozen O'Connor on

On October 16, 2024, the New York Department of Financial Services (NYDFS) issued an Industry Letter that discusses the cybersecurity risks associated with the use of artificial intelligence (AI) and outlines strategies to...more

Mayer Brown

Navigating Facilities Management Outsourcing in a Post-COVID World

Mayer Brown on

The COVID-19 pandemic has significantly reshaped the facilities management (FM) outsourcing landscape. Companies have transitioned from fully office-based work to home-based work, and now to hybrid models, prompting a...more

Mayer Brown Free Writings + Perspectives

FINRA Highlights Increasing Cybersecurity Risks at Third-Party Providers

The Cyber and Analytics Unit within the Member Supervision program of the Financial Industry Regulatory Authority, Inc. (“FINRA”) recently published a cybersecurity advisory regarding increasing cybersecurity risks at...more

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