The Daily Dividend: FMS Education

News, notes and insights from around the industry

JULY 18, 2018
FMS Webinar: How to Implement CECL While Avoiding Pitfalls
By Hilary Collins, Specialist, Publications and Research, Financial Managers Society

FMS Webinar: Strategic Implications of CECLIn our recent research we found that 58% of institutions find regulatory burden a challenge, and CECL is doubtless a substantial part of that burden. This paradigm shift will demand changes to models for forecasting expected losses and require institutions to access more historical data to calculate credit reserves.

To prepare for CECL, join us on Wednesday, July 25, for our latest webinar, “CECL: How to Implement While Avoiding Pitfalls”. Thomas Caragher of ZM Financial Systems will discuss what CECL means for data retention and storage, timelines and implementation concerns, long-term impact to lending decisions and more.

As always, this session is complementary for FMS members. (Not a member? Join today!)
 

JUNE 18, 2018
Boogie in Orlando
By Hilary Collins, Specialist, Publications and Research, Financial Managers Society

Countdown to OrlandoWith another big slate of premier education, a wide range of exciting networking events and a bustling FMS marketplace, last week’s 2018 FMS Forum offered plenty to see and do in Orlando without even visiting a giant mouse or a boy wizard.

The fun started on Sunday with a morning golf outing and a round of afternoon breakout sessions, followed by our 70s-themed Welcome Reception, celebrating 70 years of FMS with disco balls, lava lamps, non-stop throwback tunes and even a few creative wardrobe choices.

 

Chip Bell kicked off the Monday program, delivering a rousing and impactful presentation on changing customer expectations (for those who couldn’t make it, look for a Q&A with Chip in the upcoming July-August issue of FMS forward), followed by a jam-packed schedule of breakout sessions and multiple networking opportunities in the marketplace throughout the day.

 

Tuesday was another busy day with a dozen additional breakout sessions, a timely regulatory and accounting update and an inspiring send-off on leadership from mountaineer Paul Deegan. We also got the chance to applaud the winners of FMS’ inaugural awards and scholarship program.

 

If you missed all of the fun and excitement of Orlando, fear not – we’re already hard at work preparing for next year’s trip to Boston for the 2019 FMS Forum. We hope to see you there!
 

JUNE 12, 2018
FMS Webinar: Reshaping Performance Management
By Mark Loehrke, Editor, Financial Managers Society

FMS Webinar: Strategic Implications of CECLWhat are the latest trends and priorities in enterprise performance management (EPM)?

Brad Brockman and Bryan Ridgway from Kaufman Hall will discuss some of the data to emerge from a recent survey of more than 100 CFOs and senior finance executives in their Reshaping Performance Management webinar session on Tuesday, June 26. From budgeting and forecasting to profitability analysis to long-range and capital planning, get practical advice for managing performance in key areas at your institution from two experts in the field.

 

As always, this session is complementary for FMS members. (Not a member? Join today!)
 

JUNE 4, 2018
Onward to Orlando - Part V
By Mark Loehrke, Editor, Financial Managers Society

Countdown to OrlandoIt’s almost here! The 2018 FMS Forum is less than a week away, which means hundreds of finance and accounting professionals will be descending on Orlando in a few days to hear from some of the best and brightest thought leaders in the industry on our packed education slate.

For the past several weeks, we’ve been checking in with some of those terrific presenters to get sneak peeks of their sessions, and today we wrap up our previews with a topic that actually figures into several of this year’s breakouts – cybersecurity – with Mark Scholl of Wipfli LLP, who will be discussing Cybersecurity Threats, Trends and Strategies on Tuesday afternoon.  

 

FMS: What will you be covering in this session? 

 

Scholl: Cybersecurity is not an ‘IT problem’ – it’s a business problem. In other words, executive management and the board of directors are responsible for having a basic understanding of the cyber threats that their financial institution is up against.

 

My focus will be a ‘non-techie’ approach to describe the cyber threats with the most likelihood of impacting financial institutions and their customers. I’ll be discussing fundamental safeguards and incident-response readiness strategies to help mitigate these threats, and will provide resources for staying abreast on the latest threats.

 

FMS: Why is cybersecurity such an important topic for banks and credit unions right now? 

 

Scholl: The financial services industry continues to be a top target for cyber attacks. While cyber criminals are using more modern tools to scam their victims these days, email and the web continue to be significant threats. There are many technical controls to mitigate the risks, but in many cases it comes down to what your employees and customers decide to click on.

 

FMS: What do you hope audience members will leave with?

 

Scholl: Better threat intelligence. You can’t have a cybersecurity program unless you know what you’re up against. I want people to make sure their institutions are utilizing resources for threat intelligence and information sharing – such as the Financial Services Information Sharing and Analysis Center (FS-ISAC) and the US-CERT website of the Department of Homeland Security – so we’ll be going over some of those as well.

 

There’s still time (but not much) to reserve your spot for this session and all of the other great educational and networking opportunities in Orlando – register today
 

MAY 29, 2018
Onward to Orlando - Part IV
By Mark Loehrke, Editor, Financial Managers Society

Countdown to OrlandoWe’re less than two weeks away from the 2018 FMS Forum in Orlando, which means it’s time to start assembling your itinerary from the multitude of offerings on this year’s education slate. There are certainly some tough choices to make among the four education tracks in certain time slots, but if you’re heading to Florida with questions about your institution’s bond portfolio on your mind, you won’t want to miss Mike Davis from SunTrust Robinson Humphrey with his Framework for Strategic Planning in the Bond Portfolio.  

FMS: What will you be covering in this session? 

Davis: I’ll be discussing strategic versus tactical portfolio management. I think most depositories manage the bond portfolio really well on a day-to-day basis, but longer-term portfolio management is often overlooked. So I’ll be discussing ways to strategically improve the risk/return ratio by reviewing some strategies used by high-performing portfolio managers. 

FMS: Why is the strategic construct of the bond portfolio such an important topic for banks and credit unions right now? 

Davis: Times are changing. It’s been a while since we experienced any meaningful movement in rates.  With expectations of three and maybe four rate moves by the Fed, investors need to be thinking about portfolio strategy in a different light. 

FMS: What do you hope audience members will leave with?

Davis: I’d like attendees to not only walk away with a clearer sense of why strategy is so important, but also how to implement it in their institutions.

Be there for this session and all of the other great educational and networking opportunities in Orlando – register today
 

MAY 21, 2018
Onward to Orlando - Part III
By Mark Loehrke, Editor, Financial Managers Society

Countdown to OrlandoAs we continue to edge closer to the big 2018 FMS Forum in Orlando, we check in today with another presenter from this year’s packed education slate. The guys from Cornerstone Advisors are always big draws at the Forum, and Terence Roche figures to uphold that tradition this year with his session on 10 Performance Measures That Matter.

FMS: What will you be covering in this session? 

 

Roche: We want to focus on new metrics and measurements of success that have not traditionally made it to the senior management scorecard, but which show performance in a more digital world.

 

FMS: Why are the performance measures you’re highlighting so important for banks and credit unions right now? 

 

Roche: While financial measures are mature and solid at most institutions, measures for delivery, channel and customer engagement are less so.    

 

FMS: What do you hope audience members will leave with?

 

Roche: New things to challenge themselves on. Are we getting our customers to new channels as much? Are we maximizing payments revenue? Are we transforming key functions to be more efficient?

 

Be there for this session and all of the other great educational and networking opportunities in Orlando – register today!
 

MAY 14, 2018
Onward to Orlando - Part II
By Hilary Collins, Specialist, Publications and Research, Financial Managers Society

Countdown to OrlandoWith only four weeks to go until The 2018 FMS Forum, we caught up with Shawn O’Brien of QwickRate for a sneak preview of his session Cybersecurity: Why The Dark Web Should Be Your Guide.

FMS: Tell us about your session.

O’Brien: The dark web is the seedy underbelly of the internet, but it may be banks’ and credit unions’ only hope to protect their most critical assets. 

Advances in cryptocurrency, trading of compromised records and unsecure vendors are contributing to the growth of the dark web – money is the common denominator, and financial institutions are the most prominent target. Unfortunately, many institutions spend frivolously on software and technical controls looking to prevent the next big security breach, but oftentimes their efforts are like searching for a needle in a haystack.
 
This presentation will walk the audience through the pitfalls of the dark web, show how financial institutions and their vendors are being targeted and discuss the best methods to collect contextualized threat intelligence from the dark web to prevent the next security breach from occurring at their institutions.
 
FMS: Why is cybersecurity such an important topic for banks and credit unions right now?

O’Brien: Cybersecurity remains the top security concern in the financial industry, and for good reason. In 2016, over 60% of all security incidents happened in the financial services industry. Cyber attacks are not targeting individual accountholders, but rather entire financial institutions.  

Significant data breaches at companies outside of the financial industry have only made matters worse, as hackers now have customer information that helps them engineer better cyber attacks against institutions. From 2016 to 2017 alone, an estimated 4 billion records were compromised, including Dun & Bradstreet (33 million corporate contacts), Equifax (143 million customers), Uber (53 million customers and drivers) and dozens of others – these compromised records allow hackers to execute sophisticated and successful cyber attacks.
 
With that in mind, over 85% of all financial institutions are planning to increase their cybersecurity budgets to face the challenges in the coming years, which means boards need to know where to best invest their cybersecurity resources.  
 
FMS: What is one actionable takeaway you hope audience members will leave with?

O’Brien: We want attendees to leave knowing there are effective and affordable ways for them to protect their institution and customers. Only by understanding the dark web can institutions effectively protect themselves against its dangers. By encouraging attendees to embrace the dark web, they’ll hopefully better understand the threats that are out there and how they’re being used against their institutions. 

Be there for this session and all of the other great educational and networking opportunities in Orlando – register today!
 



Contributors


Mark Loehrke
Editor and Director, Publications and Research
Email: mloehrke@FMSinc.org 



Danielle Holland
President/CEO
Email: dholland@FMSinc.org 




Hilary Collins
Specialist, Publications and Research
Email: hcollins@FMSinc.org