Comments for To restore trust, consumer protection must go beyond compliance at http://www.ababj.com , comment 0 to 1 out of 1 comments http://www.ababj.com Wed, 22 May 2013 21:49:51 +0100 FeedCreator 1.7.2 http://www.ababj.com/briefing/to-restore-trust-consumer-protection-must-go-beyond-compliance-3592.html#pc_1489 Excellent points regarding the fiduciary responsibility of the bank to its shareholders and customers/consumers and building/maintaing trust for its reputation/brand. Given the multitude of 3rd party relationships that are outsourced these days and affiliated/non-affiliated partners who provide financial products offered through the bank, a big part of the trust factor lies in the hands of those 3rd parties. Thus, the bank must begin its "trust campaign" below the surface and conduct proper due diligence and risk assessments of those 3rd parties prior to engaging them in contractual relationships and then closely manage them on an ongoing basis. If a customer/consumer has an issue with a product/service offered by a 3rd party provider to the bank, who do they turn to/point the figer at first... the bank! Thus, 3rd party oversight is a key element of the "trust campaign" id a bank is really serious about it and more than just a checkmark on the GLBA compliance list to make regulators happy. - Mick Kless Wed, 16 Jan 2013 08:28:37 +0100