Latest news with #RiskManagement
Yahoo
05-08-2025
- Business
- Yahoo
Exchange Bank Promotes Jamie Hidalgo to Senior Vice President, Risk Management
SANTA ROSA, Calif., August 05, 2025--(BUSINESS WIRE)--Exchange Bank (OTC: EXSR) is pleased to announce the promotion of Jamie Hidalgo to Senior Vice President, Risk Management. Since joining the Bank in March 2021 as Vice President, Risk Management Officer, Jamie has played a pivotal role in transforming the Bank's compliance infrastructure and enhancing its overall risk management framework. With over 22 years of community banking experience, Jamie has consistently demonstrated deep expertise across key areas including regulatory compliance, internal audit, fraud prevention, and third-party risk management. Her previous roles as Head of Compliance, and Compliance and BSA Officer at local institutions have positioned her as a respected leader in the industry. "Jamie's vision and commitment to building a strong risk culture have been instrumental in elevating the Bank's risk oversight and compliance programs," said Shari DeMaris, Executive Vice President and Chief Operating Officer. "Her collaborative leadership style and focus on empowerment align perfectly with the Bank's values and long-term objectives." In her new role, Jamie will continue to lead efforts to strengthen Exchange Bank's enterprise risk strategy, ensuring a forward-looking approach to risk governance and resilience. Jamie holds certifications as a Certified Regulatory Compliance Manager (CRCM) and Certified Anti-Money Laundering Specialist (CAMS) and is actively pursuing her Certified Enterprise Risk Professional (CERP) designation from the American Bankers Association. A hands-on and communicative leader, Jamie is known for her strong coaching skills, cross-functional collaboration, and accountability. She fosters alignment and support within her teams, ensuring the Bank is well-positioned to navigate the evolving risk landscape. Beyond her professional contributions, Jamie remains deeply involved in the community. She currently serves on the board and finance committee of United Cerebral Palsy and has a long-standing commitment to volunteerism, including working with Mentor Me Petaluma and as a graduate of Leadership Petaluma. About Exchange Bank Headquartered in Sonoma County and founded in 1890, Exchange Bank is a full-service community bank with assets of $3.27 billion. Exchange Bank provides a wide range of personal, commercial, and trust and investment management services with 17 retail branches in Sonoma County, a retail branch in Roseville and Trust & Investment Management offices in Santa Rosa, Roseville, Marin County and Silicon Valley. The Bank's legacy of financial leadership and community support is grounded in its core values of commitment, respect, integrity, and teamwork. Exchange Bank is known for its people who care about their customers, their company, and the communities where they live and work. Exchange Bank is a 19-year winner of the North Bay Business Journal's Best Places to Work survey and a 13-time winner of the Best Bank of Sonoma County by the Press Democrat's Readers' Choice 2024 awards. Exchange Bank was named Best Consumer Bank by the NorthBay biz Magazine's Best of the North Bay readers' poll and Best Local Bank by The Petaluma Argus Courier People's Choice Awards 2025. Exchange Bank is also a winner of the 2024 San Francisco Business Times Corporate Philanthropy award, and the Bohemian Magazine's Best of the North Bay 2024 named Exchange Bank Best Business Bank and Best Consumer Bank. Member FDIC — Equal Housing Lender — Equal Opportunity Employer View source version on Contacts Suzanne Knowlton, VP/Director of Marketing & Community RelationsExchange BankPO Box 403Santa Rosa, CA Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
05-08-2025
- Business
- Forbes
Beyond Insurance: How To Defend Your Business Against Lawsuits
Blake Harris is an Asset Protection Attorney and Founding Principle of Blake Harris Law. For many business owners, insurance is viewed as the primary line of defense against legal threats. But relying solely on insurance to shield your business from lawsuits may offer a false sense of security. Policy exclusions, caps on coverage and claims denials can leave entrepreneurs unexpectedly exposed, especially in industries where litigation is common. That's why business owners serious about long-term protection should consider a layered approach—one that includes legal structures designed to insulate personal and business assets from creditors and plaintiffs. From LLCs to asset protection trusts, these tools offer powerful, often underutilized safeguards that go far beyond a standard liability policy. The Limits Of Insurance Insurance is a critical component of any risk management strategy. But even comprehensive policies don't cover every scenario. Some common gaps in coverage can include punitive damages, claims arising from fraud or intentional misconduct and newer risks like data breaches or cyber liability. These exclusions are typical in many standard policies. What many entrepreneurs don't realize is that simply being sued—regardless of the outcome—can be financially draining. Legal fees, time away from operations and reputational fallout can do serious damage before insurance even comes into play. Litigation costs can be disproportionately burdensome for small businesses. That's why asset protection needs to begin long before a claim is ever filed. Forming The Right Legal Entity The foundation of business protection starts with selecting the appropriate legal structure. Sole proprietorships and general partnerships offer no liability insulation, meaning personal assets like homes and savings accounts are fully at risk. Incorporating as an LLC or corporation creates a legal separation between business and personal assets, shielding owners from many types of claims. The U.S. Small Business Administration confirms that LLCs and corporations can protect personal liability. However, not all entity structures are equal. In high-risk industries or for businesses with multiple revenue streams, setting up a multi-entity structure—such as operating LLCs owned by a holding company—can further isolate risk. Segregating liabilities by function or location helps limit exposure from one part of the business affecting another. Importantly, the benefits of these structures only hold if they're properly maintained. Commingling personal and business funds, failing to adhere to formalities or not keeping documentation can cause courts to 'pierce the corporate veil,' effectively eliminating your protections. Regular compliance reviews are essential. Asset Protection Trusts: The Next Line Of Defense For business owners with significant assets or long-term exposure, domestic asset protection trusts (DAPTs) or offshore trusts can serve as a second firewall. These legal structures allow individuals to transfer assets into a trust—out of personal ownership—while still retaining some benefits, such as investment control or income. Once assets are placed in a properly drafted trust, they are generally shielded from future creditors and litigation claims. DAPTs are currently offered in a number of states, including those known for strong trust laws, like Nevada, South Dakota and Delaware, though the level of protection may vary depending on the settlor's residency. Offshore trusts in various jurisdictions are known for providing strong asset protection benefits through established case law and high barriers to foreign judgments. That said, timing matters. These tools are designed to protect against future threats, not existing threats. Transferring assets into a trust once litigation has begun or is imminent can be viewed as fraudulent conveyance. Business owners should explore these options early, ideally as part of their foundational planning. Building A Multilayered Strategy The most effective risk management strategies don't rely on a single solution. They integrate multiple tools—legal structures, insurance coverage, trust vehicles and operational safeguards—into a coherent plan. For instance, pairing a well-structured LLC with an umbrella insurance policy and a DAPT can provide redundancy if one line of defense fails. Clear documentation, consistent compliance and proactive planning are what distinguish protected businesses from vulnerable ones. Just as a company invests in cybersecurity or quality control, legal risk should be addressed with the same level of attention and investment. It's not just about avoiding disaster; it's about creating long-term resilience. In today's increasingly litigious environment, insurance alone is no longer enough to protect business owners. While it plays a vital role, it's only one piece of a broader risk management puzzle. Legal structures like LLCs and asset protection trusts can offer a durable, proactive layer of protection that insurance simply cannot. A sound legal structure isn't just a shield; it's a strategic foundation. Business owners who take proactive steps now to diversify their legal defenses can operate with more confidence, knowing their assets are protected no matter what challenges arise. The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Yahoo
04-08-2025
- Business
- Yahoo
Oma Savings Bank Plc's Half-Year Financial Report January-June 2025: Core business on a solid foundation – the improvement of operating models is progressing
OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 4 August 2025 AT 9.05 A.M. EET, HALF-YEAR FINANCIAL REPORTOma Savings Bank Plc's Half-Year Financial Report January-June 2025: Core business on a solid foundation – the improvement of operating models is progressing This release is a summary of Oma Savings Bank's (OmaSp) January-June 2025 Half-Year Financial Report, which can be read from the pdf file attached to this stock exchange release. In addition, alongside with the Half-Year Financial Report, the Company also publishes Disclosure information on capital adequacy and risk management in accordance with the Pillar III as a separate report, available as an attached pdf file. Both reports are also available on the Company's website at Karri Alameri: Core business on a solid foundation – the improvement of operating models is progressing 'The first half of the year has been a period of active and goal-oriented development work within our bank. Significant measures have been taken to strengthen risk management and to improve the regulatory compliance of our operations. Concurrently, the effects of declining interest rates and economic uncertainty have been reflected in our results. Despite this, our business is stable, and our financial position is strong. Efforts to improve risk management and internal operating models are advancing. A new action plan was launched to address observations made by the supervisor in February, with expenses of EUR 2.6 million recorded in the second quarter. This action plan will continue until the end of 2025, laying the foundation for profitable and stable operations in the future. The controlled winding down portfolio is also progressing: the approximately EUR 240 million portfolio related to non-compliance with the guidelines reported a year ago has been reduced to approximately EUR 200 million through various arrangements, and work continues. The risk management action plan (the "Noste") was completed in March, and its effects are already visible in our practices. The comparable profit before taxes for the second quarter was EUR 19.0 (5.5) million, in line with our expectations. The result was still weighed down by the decline in net interest income and the increase in operating expenses. The comparable cost/income ratio was 52.1 (32.9) percent in the second quarter. Comparable operating expenses increased by 38.7 percent in the second quarter, amounting to EUR 30.5 (22.0) million. This increase in expenses is primarily due to the growth in the number of personnel and the expanded branch network, as well as the action plan related to the supervisor's observations. Net interest income decreased by 16.1 percent compared to the comparison period, amounting to EUR 44.0 (52.4) million. This decrease is attributed to market interest rates and the reduction in the loan portfolio. Fee and commission income and expenses (net) totalled EUR 12.4 (12.7) million, which is 2.2 percent less than in the comparison period. The mortgage loan portfolio grew by 1.2 percent from the level of a year ago. Conversely, the loan portfolio of corporate customers decreased by 7.5 percent. The deposit portfolio grew by 7.9 percent. Challenges in the operating environment are reflected in the quality of the loan portfolio. In the second quarter, impairment losses on financial assets were EUR -9.1 (-39.4) million, mainly due to increased payment difficulties caused by the general economic situation, especially in the SME sector. Our goal is profitable growth and satisfied customers The takeover of Handelsbanken's customers has been completed, and we are focusing even more on supporting our customers' daily lives. Oma Savings Bank's nationwide branch network serves private and corporate customers in Finland's key growth and regional centres. Customer satisfaction has remained at a high level, and we are committed to developing expert customer service. Our goal is to build profitable growth with our current strengths – a customer-oriented service model, efficient processes, and responsible management. The commitment of our personnel deserves special recognition, and I extend my gratitude to the entire staff for their excellent performance. The past period has once again demonstrated the dedication, skill, and cooperation within our organisation. Our bank's financial position is strong. The total capital (TC) further strengthened in the second quarter, reaching 18.7 (15.6) percent at the end of June. The accumulated equity was EUR 591 (576) million. I look to the future with confidence. We are focused on improving efficiency, enhancing the customer experience, and restoring trust through concrete actions. Development work continues persistently, and every action brings us closer to a result-driven and sustainable future.' The Group's key figures (1,000 euros) 1-6/2025 1-6/2024 Δ % 1-12/2024 2025 Q2 2024 Q2 Δ % Net interest income 90,895 109,81 -17% 213,097 44,016 52,442 -16% Fee and commission income and expenses, net 24,854 25,465 -2% 50,745 12,415 12,699 -2% Total operating income 119,414 141,576 -16% 270,068 59,34 67,497 -12% Total operating expenses -65,101 -49,389 32% -111,004 -30,861 -23,432 32% Impairment losses on financial assets, net -31,41 -62,535 -50% -83,379 -9,088 -39,423 -77% Profit before taxes 21,721 29,171 -26% 74,589 18,611 4,504 313% Cost/income ratio, % 55.1% 35.0% 57% 41.3% 52.7% 34.8% 51% Balance sheet total 7,366,337 7,284,410 1% 7,709,090 7,366,337 7,284,410 1% Equity 590,742 533,259 11% 576,143 590,742 533,259 11% Return on assets (ROA) % 0.5% 0.6% -27% 0.8% 0.8% 0.2% 326% Return on equity (ROE) % 5.9% 8.7% -32% 10.7% 10.0% 2.6% 287% Earnings per share (EPS), EUR 0.52 0.70 -27% 1.80 0.44 0.10 327% Total capital (TC) ratio % 18.7% 16.6% 13% 15.6% 18.7% 16.6% 13% Common Equity Tier 1 (CET1) capital ratio % 17.6% 15.2% 16% 14.4% 17.6% 15.2% 16% Comparable profit before taxes 23,603 31,136 -24% 86,656 18,986 5,51 245% Comparable cost/income ratio, % 53.3% 33.5% 59% 37.8% 52.1% 32.9% 58% Comparable return on equity (ROE) % 6.4% 9.3% -31% 12.4% 10.2% 3.2% 220% January–June 2025 As a result of the decline in market interest rates and the decline in the loan portfolio, net interest income decreased by 16.1% in the second quarter and in January–June by 17.2% compared to the previous year. Mortgage portfolio increased by 1.2% during the previous 12 months. Corporate loan portfolio decreased by 7.5% during the previous 12 months. Deposit base increased by 7.9% over the past 12 months. In the second quarter, fee and commission income and expenses (net) decreased by 2.2% totalling EUR 12.4 (12.7) million. In January–June, fee and commission income and expenses (net) decreased by 2.4%. The development is mainly due to lower commission income related to lending and card business than in the comparison period. In the second quarter, total operating income decreased by 12.1% and in January–June by 15.7% compared to the comparison period. In the second quarter, comparable total operating income decreased by 11.5% and was EUR 59.4 million. In the second quarter, total operating expenses grew by 31.7%. The growth is mainly explained by the Company's increased number of personnel and the expanded branch network. In addition, the Company has ongoing development projects related to the improvement of risk management processes and measures required by the supervisor's observations. In January–June total operating expenses grew by 31.8%. In the second quarter, other operating expenses were in total EUR 17.2 (12.5) million and in January–June EUR 39.4 (28.9) million. In the first quarter, the Company received the supervisor's final reports on the supervisor's review as well as liquidity risk management and reporting conducted in 2024. In the second quarter, the Company started the implementation of the action plans to correct the observations made by the supervisor, and a total of EUR 2.6 million in expenses were recorded. The implementation of the action plans continues until the end of the financial year 2025. The risk management action plan (the "Noste") was completed during the first quarter and no related expenses were recorded in the second quarter. Investigation costs of EUR 0.3 million were recorded in relation to the promotion of measures in the controlled winding down of the portfolio related to non-compliance with the guidelines. In the second quarter, comparable total operating expenses grew by 38.7% and were EUR 30.5 (22.0) million. In the second quarter, the impairment losses on financial assets were in total EUR -9.1 (-39.4) million. Impairment losses are primarily attributable to increased payment difficulties stemming from the generally weak economic environment, particularly within the SME sector and, due to higher provision level under the ECL model as default durations have lengthened. During the comparison period, the Company recorded an additional discretionary allowance of EUR 30 million related to non-compliance with the guidelines and the outcome of the screening of the credit portfolio. For January–June, the total impairment losses on financial assets were EUR -31.4 (-62.5) million. In the summer of 2024, the Company announced a credit portfolio analysis related to the non-compliance with the guidelines, according to which the portfolio related to the non-compliance with the guidelines represented approximately 4% of the Company's credit portfolio, amounting to approximately EUR 240 million. In this regard, the Company launched a controlled winding down plan in the second half of 2024. As a result of various arrangements, the size of the credit portfolio related to non-compliance with the guidelines was approximately EUR 200 million on 30 June 2025, representing 3.4% of the total credit portfolio. In the future, the Company will report on the status of the credit portfolio related to non-compliance with the guidelines on a semi-annual basis. For the second quarter, profit before taxes was EUR 18.6 (4.5) million and comparable profit before taxes was EUR 19.0 (5.5) million. For January–June, profit before taxes was EUR 21.7 (29.2) million and comparable profit before taxes was EUR 23.6 (31.1) million. In the second quarter, the cost/income ratio was 52.7 (34.8)% and in January–June, 55.1 (35.0)%. In the second quarter, comparable cost/income ratio was 52.1 (32.9)% and in January–June, comparable cost/income ratio was 53.3 (33.5)%. In the second quarter, comparable return on equity (ROE) was 10.2 (3.2)% and in January–June, 6.4 (9.3)%. Total capital (TC) ratio was 18.7 (15.6)%. Outlook for 2025 (updated on 15 June 2025) Oma Savings Bank Plc (OmaSp) lowered its earnings guidance for year 2025 as the Company's cost level is expected to remain high throughout the 2025 financial year due to investments in risk management and quality processes, increased headcount, and efforts to address the findings of the Finnish Financial Supervisory Authority's (FIN-FSA) inspection. In addition, the update of the ECL model implemented during the first quarter has increased the level of credit loss provisions more than anticipated. Furthermore, fee and commission income is expected to grow more slowly than anticipated in the prevailing economic environment. The Company estimates the Group's comparable profit before taxes is EUR 50-65 million for the financial year 2025. Business outlook and earnings guidance for the financial year 2025 (updated on 15 June 2025): The outlook for the Company's business for the financial year 2025 is affected by the decline in market interest rates and the continued high level of costs due to IT investments and system improvements required by risk management and quality processes. In addition, the Company continues to invest in customer experience on different channels. The uncertainty of the operating environment and economic situation affects the development of balance sheet items and comparable profit for the financial year 2025. Oma Savings Bank Plc provides earnings guidance on comparable profit before taxes for 2025. Earnings guidance is based on the forecast for the entire year, which takes into account the current market and business situation. Forecasts are based on the management's insight into the Group's business development. We estimate the Group's comparable profit before taxes to be EUR 50–65 million for the financial year 2025, (comparable profit before taxes was EUR 86.7 million in the financial year 2024). Oma Savings Bank Plc Additional information: Karri Alameri, CEO, tel. +358 45 656 5250, Sarianna Liiri, CFO, tel. +358 40 835 6712, Pirjetta Soikkeli, CCO, tel. +358 40 750 0093, DISTRIBUTION Nasdaq Helsinki Ltd Major media OmaSp is a solvent and profitable Finnish bank. Over 600 professionals provide nationwide services through OmaSp's 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners' products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations. OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp. Attachments OmaSp Half-Year Financial Report 30 June 2025 OmaSp Pillar III Disclosure Report on capital adequacy and risk management 30 June 2025 Attachments Oma Savings Bank Half Year Report 30 June 2025 Pillar III Disclosure Report on capital adequacy and risk management 30 June 2025Fehler beim Abrufen der Daten Melden Sie sich an, um Ihr Portfolio aufzurufen. Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten Fehler beim Abrufen der Daten
Arab News
03-08-2025
- Business
- Arab News
ECOVIS Al Sabti Saudi Arabia hosts landmark event on Digital Transformation in Internal Audit and Enterprise Risk Management
Saad Saleh Al Sabti and Partners Co. Chartered Accountants and Auditors, ECOVIS Saudi Arabia (ECOVIS Al Sabti), in collaboration with TransVare® Corporation, hosted a high-impact event focused on 'Digital Transformation in Internal Audit and Enterprise Risk Management Functions.' The event brought together over a hundred industry leaders, decision-makers, and professionals from diverse sectors, all keen to explore how digital innovation is transforming the risk and audit landscape. The event commenced with a warm welcome address by Khaled Saad Al-Sabti, Managing Partner at ECOVIS Al-Sabti. He underscored the growing importance of digitalization in enhancing the effectiveness, agility, and value of internal audit and risk management functions. Khaled Saad Al-Sabti highlighted that in an era marked by rapid technological advancements, organizations must adapt to remain competitive and resilient. A key highlight of the event was the keynote speech by Norman Marks, a globally renowned authority in risk management, internal audit, and corporate governance. His forward-looking insights offered a compelling vision of how organizations can modernize their governance, risk, and control frameworks in today's fast-evolving environment. The event concluded with live demonstrations of ECOVIS Al-Sabti and TransVare Corporation's cutting-edge digital tools. These innovative solutions reflect the joint commitment of ECOVIS Al Sabti and TransVare Corporation USA to empower organizations through technology-driven governance, risk, and compliance strategies. Muhammad Ghazali, Managing Director at ECOVIS Al Sabti, emphasized the importance of digitally transforming the Compliance function through competitive and user-friendly solutions available with local support in Saudi Arabia. He also expressed his sincere gratitude to all participants for their presence, active engagement, and valuable contributions, which collectively ensured the event's resounding success.
Malay Mail
30-07-2025
- Business
- Malay Mail
Three banks, RM7m penalties: BNM fines Bank Islam, Bank Rakyat and BSN for tech, anti-money laundering breaches
KUALA LUMPUR, July 30 — Bank Negara Malaysia (BNM) has imposed an administrative monetary penalty (AMP) totalling RM3.445 million on Bank Islam Malaysia Bhd (BIMB) for non-compliance with the Islamic Financial Services Act 2013 (IFSA) and the relevant policy documents. The relevant policy documents include Risk Management in Technology Policy Document (RMiT PD) and Anti-Money Laundering Countering Financing of Terrorism and Targeted Financial Sanctions for Financial Institutions Policy Document (AML/CFT and TFS for FIs PD), the central bank said in a statement today. BNM said BIMB paid RM1.70 million for the AMP imposed on May 29, 2025, for sanction screening breaches and RM1.745 million for the AMP imposed on June 30, 2025, for prolonged service disruptions. Separately, the central bank said it has imposed an AMP of RM2.85 million on Bank Kerjasama Rakyat Malaysia Bhd (BKRM) for non-compliance with the Development Financial Institutions Act 2002 (DFIA) and RMiT PD. It said BKRM paid RM2.85 million for the AMP imposed on June 26, 2025. Apart from that, BNM also said it has imposed an AMP of RM995,000 on Bank Simpanan Nasional (BSN) for non-compliance with the DFIA and RMiT PD. BSN paid RM995,000 for the AMP imposed on June 25, 2025, said BNM. — Bernama
