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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


Banks partner with or fund fintech startups for payments, lending, data analytics, etc.
Many rely on major cloud platforms (AWS, Azure, Google Cloud) to host critical systems.





Key Risks Identified


Cybersecurity & Data Privacy – breaches could affect client data and regulatory compliance.
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


Banks are tightening vendor risk management policies: rigorous due diligence, contractual safeguards, and continuous monitoring.
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


Conduct a full risk assessment of all technology providers before onboarding.
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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