Federal Reserve Financial Services (FRFS) polled nearly 250 risk management professionals in late 2022 to better understand the challenges and market forces their payment service businesses face. A February webinar discussed the survey’s key findings on fraud, cybersecurity and both operational and strategic risks. This webinar is one example of FRFS’ ongoing efforts to help financial institutions better understand their risks and opportunities to manage those risks more effectively. The Federal Reserve Banks continue to educate and facilitate conversations between individuals and within institutions, as well as to report key findings back to our FRFS customers.
Some key themes in the webinar included:
- The critical importance of cyber security as digital credit push continues to grow
- Top types of external fraud experienced by financial institutions
- The need for seasoned staffing to understand the impact of growing regulatory pressures
A portion of the webinar also describes the FedPayments® Insights Service and key use cases for better understanding ACH receipt.
Action Item:
View the Federal Reserve Financial Services 2022 Risk Management Survey Results webinar on the Risk Management Toolbox page.
Check out the survey’s key findings. We encourage your participation in our next survey, which will be fielded in the coming months.
