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New Risk Watch video addresses disparity in CFPB diversity practices and what we can learn from its audit
FREDERICK, MD (April 3, 2015) — It was not a small moment of irony when the Consumer Financial Protection Bureau’s own employment polices were found to be lacking when it came to diversity and inclusion. The Inspector General released an audit of recommendations of how the CFPB could improve its practices, and there were four major suggestions in the audit that any financial institution could benefit from. In this week’s Risk Watch, AffirmX’s Suzie Higbee breaks down the audits findings to see what we can learn from the CFPB’s mistakes.
“Though given to the CFPB, the audits recommendations can easily be applied to financial institutions as well, especially as they reinforce many of the provisions of the Dodd-Frank Interagency Diversity Policy standards,” Higbee said.
In the video, Higbee outlines the four major suggestions for the CFPB, how the CFPB responded, and what practices will easily translate to smaller organizations—even if that organization has not yet been criticized for it’s practices. This Risk Watch video will be the 55th episode in the series.
“The Risk Watch video series is just one of the ways our team of experts is helping financial institutions proactively address compliance challenges,” said Ken Wolff, CEO of AffirmX, which sponsors the series. ”We encourage credit unions of all sizes to take advantage of these educational resources and contact us to learn more about our solutions.”
AffirmX provides automated risk intelligence solutions that help financial services institutions reduce risk management workloads, anxieties and costs. The AffirmX Risk Intel Center delivers accurate risk intelligence based on expert review of internal and external data sources through a query-based workflow engine. AffirmX enables clients to spend less time searching for issues and more time proactively remediating and mitigating risks so that they can focus on their core business.
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