March 1, 2004 News Archive

Governor Bies on the Qualitative Aspects of Risk Management
Speaking at the Global Association of Risk Professionals Fifth Annual Convention, Governor Bies told attendees, "Models alone do not guarantee an effective risk-management process. You should encourage continuous improvement in all aspects, including...data integrity, legal clarity, transparent disclosures, and internal controls."

Redesigned Database of Financial Services in Seventh Federal Reserve District
The Federal Reserve Bank of Chicago recently announced the redesign of the Midwest Bank Comparison database. This project was developed to provide an online service for consumers, community groups and bankers, that allows a search of financial products from participating financial institutions within the Federal Reserve Seventh District.

The search site allows for a general search that compares basic fees associated with checking or savings accounts, or an advance search that allows a search by specific criteria, such as language.

Information on the database is provided and updated by the financial institutions through a secured site.

Upcoming Bank Director Training
The Federal Reserve Bank of Chicago has designed a director training program to address the critical needs and responsibilities of community bank directors. We intend to sponsor one-day seminars throughout the District over the course of the year to offer sessions focused on today's hot topics, filled with practical advice about key business areas including fraud risk, information technology risk, and The USA Patriot Act as it pertains to the Bank Secrecy Act and anti-money laundering regulations. The FDIC and respective State banking departments have been invited to participate as well.

The first two seminars will be held in West Des Moines, Iowa, on April 5th, and Bettendorf, Iowa, on April 6th. Information on dates and locations for upcoming seminars in Wisconsin, Illinois, Indiana and Michigan will be forthcoming. Please contact Federal Reserve Representative Timothy J. Palmersheim at (800) 642-6389 for additional details.