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OCC report said risks remain top concern for federal banking system

In a new report, the U.S. Office of the Comptroller of the Currency (OCC) said strategic, credit, operational, and compliance risks remain top concerns for the federal banking system.

Strategic risk remains elevated as banks make decisions to expand into new products or services or consider new delivery channels and continue merger and acquisition activity, the OCC’s Semiannual Risk Perspective for Spring 2017 report stated. Banks face competition from nonfinancial firms, including financial technology companies entering the traditional banking industry. This competition is causing changes in the way customers and financial institutions approach banking, the report said.

News Characteristics

Date : Jul 12, 2017
Region : North America
Industry : Banks
Function : Risk Management
Sub-Function : Cyber Risk