The OCC’s Semi-annual Risk Perspective - Trends in Key Risks

OCC's Semi-annual Risk Perspective: Understanding Key Risks in the Financial SectorThis episode provides an audio version of the OCC's Semi-annual risk perspective, focusing on the report's section named 'Trends in Key Risks.' The report highlights various risk factors that are currently impacting the financial sector, including credit risk, market risk, operational risks, compliance risk, and climate-related financial risks. The report outlines the significant impact of these factors on businesses, economies, and impacts on commercial credits and retail credit performance. It discusses the emerging risks in dealing with technological innovation, third-party partnerships, and cyberattacks. The episode also warns about threats from changes in deposit movement and rates as well as issues related to increasing compliance, reputational, strategic, and operational risks as banks adapt to changing customer needs. Sponsored by Credit Union Exam Solutions Incorporated, the episode concludes by advising credit unions to reach out to them for assistance with NCUA exams.00:00 Introduction and Sponsorship
00:45 Overview of the OCC's Semi-annual Risk Perspective
01:00 Commercial Credit Themes
07:05 Retail Credit Themes
11:15 Market Risk
15:58 Operational Risks: Cybersecurity
18:28 Innovation and Adoption of New Products and Services
22:18 Third-Party Risk Management and Other Operational Risks
23:46 Compliance Risk: Bank Secrecy Act/Anti-Money Laundering and Office of Foreign Assets Control
26:05 Consumer Compliance and Community Reinvestment Act/Fair Lending Risks
27:37 Climate-Related Financial Risk
30:09 Conclusion and Contact Information