OCC Identifies Supervisory Priorities in Risk Perspective
Recurring Theme: Market Transparency & Data Privacy
The Office of the Comptroller of the Currency (OCC) published its Semiannual Risk Perspective for Fall 2015 this month. The report highlights lingering risks associated with cybersecurity and data privacy as well loosening credit underwriting standards. Comptroller of the Currency Thomas Curry delivered remarks with the release of the report emphasizing the need for market transparency and supervision, saying, “The report highlights in a transparent way the risks facing the federal banking system and our priorities as supervisors.”
Curry explained, “strategic, underwriting, cybersecurity, compliance and interest rate risks remain the OCC’s top supervisory concerns.” These concerns are consistent across the global financial sector as cyber threats increase and banks try to boost revenues in a low interest rate environment. The OCC is also focusing increasingly on Bank Secrecy Act (BSA) and anti-money laundering (AML) issues as technologies evolve.
OCC Press Release
OCC Semiannual Risk Perspective: