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Summary
The article examines how U.S. commercial banks are increasingly exposed to technology risks—particularly through their relationships with large fintech firms, cloud‑service providers, and other tech‑centric entities. It highlights:
- Growing Tech Exposure
Many rely on major cloud platforms (AWS, Azure, Google Cloud) to host critical systems.
- Key Risks Identified
Vendor Concentration – dependence on a few tech giants can amplify operational risk.
Regulatory Gaps – evolving rules for fintech and cloud services create uncertainty.
Third‑Party Service Reliability – outages or failures in the provider’s infrastructure impact banks.
- Industry Responses
Many institutions now require their technology partners to meet specific security standards (e.g., SOC 2 Type II, ISO 27001).
Regulatory bodies such as the Basel Committee and national supervisory authorities issue guidance on overseeing fintech‑related risks.
- Key Takeaways for Practitioners
Implement a formal vendor governance framework covering selection, onboarding, monitoring, and exit strategies.
Keep abreast of evolving regulatory expectations regarding technology risk management to remain compliant and resilient.
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References
- Basel Committee on Banking Supervision (BCBS). "Basel III: International regulatory framework for banks." 2010.
- Basel Committee on Banking Supervision (BCBS). "Revised Framework for the Fundamental Review of the Trading Book – The Trading Book Revisited." 2021.
- Basel Committee on Banking Supervision (BCBS). "Fundamental Review of the Trading Book – Guidance on Risk Measurement and Capital Requirements for Banks’ Derivatives Exposure." 2016.
- International Monetary Fund (IMF). "The IMF’s Global Financial Stability Report." 2022.
- World Bank Group. "World Development Indicators, ‘Financial Sector Development.’" 2023.
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