Article highlights how increased regulations affect bank vendors - WICU12 HD WSEE Erie, PA News, Sports, Weather and Events

Article highlights how increased regulations affect bank vendors

Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact pressreleases@worldnow.com.

SOURCE McDonald Hopkins LLC

CLEVELAND, June 10, 2014 /PRNewswire/ -- Bank vendors must be proactive in their planning in order to remain viable in the face of increased regulatory guidance as laid out by the Office of the Comptroller of the Currency on October 30, 2013. That is the assessment of Richik Sarkar, a member in the Litigation Department at McDonald Hopkins LLC, in a recent Bloomberg BNA Banking Report article, "Increased Regulations Don't Just Burden Banks; Vendors Must Also Manage Risk," which outlines key aspects of the third-party risk management edicts to banks and offers corresponding strategies to vendors.

McDonald Hopkins LLC.

"To stay viable within the industry, bank vendors must analyze the guidance provided to banks and proactively anticipate, identify and address their bank clients' needs," writes Sarkar. "[This will] ensure that the bank and vendor have clear expectations with respect to managing operational, regulatory, and reputational risk."

The article continues by outlining the regulatory guidance provided to banks while presenting a corresponding course of action for vendors. By knowing the specific areas of focus for banks, their vendors should consider how such focus will affect their client relationships.

It is believed the increased regulation could lead to a shrinking of the pool of qualified vendor partners, dampen innovation and drive up costs. As a result, vendors must be proactive in their planning by understanding their clients' needs, regulatory environment, and expectations in order to properly manage risks.

About McDonald Hopkins
McDonald Hopkins has offices in Chicago, Cleveland, Columbus, Detroit, Miami, and West Palm Beach, as well as a subsidiary, McDonald Hopkins Government Strategies LLC, which is based in Washington, D.C. and led by former Congressman Steven LaTourette.  McDonald Hopkins Government Strategies is not a law firm and does not provide legal services.

For more information about McDonald Hopkins, visit mcdonaldhopkins.com.

CONTACT:
Deborah W. Kelm
McDonald Hopkins LLC
600 Superior Avenue, East, Suite 2100
Cleveland, Ohio 44114
Phone: 216.348.5733
Email: dkelm@mcdonaldhopkins.com

Logo - http://photos.prnewswire.com/prnh/20120131/CL44903LOGO

©2012 PR Newswire. All Rights Reserved.

Powered by WorldNow
3514 State St. Erie, PA 16508
Newsroom: (814)454-8812
Toll Free: 1(800)454-8812
Business offices: (814)454-5201
WICU FCC Filing
WSEE FCC Filing
Share:
Share Stories
Submit your stories to our site!
Share Photos
Share your photos in our community galleries
Mobile:
Mobile Site
Be sure to stay constantly updated with the power of WICU12 and WSEE at your fingertips
Free Android App
Free iPhone App
Free iPad App
Storm Tracker App
Droid
iPhone
iPad
All content © Copyright 2000 - 2014 WorldNow and WICU. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.
                   WICU/WSEE - 3514 State Street Erie, PA 16508 - (814) 454-5201 - info@wicu12.com