Author: The Safe Systems Compliance Team

  • A Look Back at 2020 and a Look Ahead to 2021: A Regulatory Compliance Update

    A Look Back at 2020 and a Look Ahead to 2021: A Regulatory Compliance Update

    From SafeSystems.com/Safe-Systems-Blog Safe Systems recently published a two-part regulatory compliance blog series that looked back at 2020 and ahead to 2021. In Part 1, we explored how regulations related to the Pandemic dominated the compliance landscape early in 2020 forcing financial institutions to make adjustments to their procedures and practices on the fly. In Part […]

  • Hot Topic: Ransomware on the Radar (Updated)

    Hot Topic:  Ransomware on the Radar (Updated)

    Both the State banking regulators and the Treasury Department have issued recent advisories to financial institutions regarding the ransomware threat. Ransomware is defined as a form of malicious software (“malware”) designed to block access to a computer system or data, often by encrypting data or programs, in order to extort ransom payments from victims in […]

  • Compliance Quick Bites – Tests vs. Exercises, and the Resiliency Factor

    Compliance Quick Bites – Tests vs. Exercises, and the Resiliency Factor

    One of several changes implemented in the 2019 FFIEC BCM Examination Handbook is a subtle but important differentiation between a BCMP “test” and an “exercise”. I discussed some of the more material changes here, but we’re starting to see examiner scrutiny into not just if, but exactly what and how you’re testing. According to the […]

  • Can We Apply Similar Controls to Satisfy Both GLBA and GDPR?

    Can We Apply Similar Controls to Satisfy Both GLBA and GDPR?

    Hey Guru! Are the Gramm–Leach–Bliley Act (GLBA) and the General Data Protection Regulation (GDPR) similar enough to apply the same or equivalent set of layered controls? My understanding is that GDPR has placed a higher premium on the protection of a narrower definition of data. So, my question is more about whether FFIEC requirements for […]

  • Reading Between the Lines: The Interagency Examiner Guidance for Assessing Safety and Soundness During COVID-19

    Reading Between the Lines: The Interagency Examiner Guidance for Assessing Safety and Soundness During COVID-19

    On June 23, 2020, the FDIC posted “The Interagency Examiner Guidance for Assessing Safety and Soundness Considering the Effect of the COVID-19 Pandemic on Institutions.” FIL-64-2020 This statement this is only one of several interagency statements issued since the start of the Covid-19 Pandemic outlining supervisory principles examiners will use to guide their safety and […]

  • Reading Between the Lines: Recent Regulatory News

    Reading Between the Lines: Recent Regulatory News

    March 30, 2020 – Federal Reserve Statement on Supervisory Activities Where did it come from, and where can I find it? The Federal Reserve Who needs to know about it? All financial institutions supervised by the Federal Reserve Why was it Issued? To address adjustments in their supervisory approach in light of COVID-19 What does […]