solutions through unified effort

VBA Emerging bank leaders Events 

Register Now for 2018 Burgers with Bruce

Join Virginia Bankers Association President and CEO, Bruce Whitehurst, for a burger and a conversation about the latest industry updates and VBA news. A top industry speaker will present as well. Please click here for a PDF registration form or to register online.  Please return registration forms to Melissa McLeod by email or fax at 804-495-8495.        

Contact Chandler Owdom with questions at 804-819-4707.

All events will take place from 11:30 am - 1:30 pm. Events will take place in the following locations:

April 16 - Norfolk
80/20 Burger Bar | 123 West 21st Street
Topic: The Information Advantage in Banking
Sageworks

Register Online

April 17 - Fairfax
MainStreet Bank | 10089 Fairfax Boulevard
Topic: Conducting KYC of Third Parties - Best Practices for Conducting Due Diligence
Hunton & Williams LLP

Register Online        
       

Additional Session Topics and Details

April 16 - Norfolk
Topic: The Information Advantage in Banking
Sponsor/Presenter: Sageworks

Join us as we visualize and discuss trends and insights using data from tens of millions of private-company financial statements, commercial, and consumer loans. See how a quantified approach can increase ROA, confirm or displace intuitions, and provide a defensible position for conversations with audit and supervisory stakeholders when internal information is inadequate or unreliable.

April 17 - Fairfax
Topic: Conducting KYC of Third Parties - Best Practices for Conducting Due Diligence
Sponsor/Presenter: Hunton & Williams LLP

Every financial institution must have a BSA/AML compliance program that includes a Customer Identification Program (CIP) based on Customer Due Diligence (CDD) investigations. Given that financial entities can vary greatly from each other in terms of types of transactions, customers, locations, scale, and business lines, the Know Your Customer (KYC) policies and procedures can vary as well. In general, CDD will include verifying the identity of customers, understanding the nature of the customer’s activities (e.g., source of funds), and ascertaining the monetary thresholds for required reporting and record retention. For a myriad of reasons, more financial institutions are outsourcing these requirements to third parties that carry with them their own sources of risk, including operational, compliance, reputational, strategic, and credit risks. Third parties now include most types of vendors, partners, and subcontractors. Due diligence in the course of establishing a relationship with a third party should include gathering information about the entity such as its experience and reputation (from independent sources), its history and performance, its risk management practices and insurance coverage, as well as other factors that might affect the risk it poses. The findings typically will be incorporated into a contractual relationship and monitored accordingly based on the level of risk. Bank regulators have increased their scrutiny over the years of these relationships and their expectations regarding the due diligence that should be performed.