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 […]
Since both Windows 7 and Server 2008 R2 will reach end-of-life support in January of 2020, many organizations have already made the jump to Windows 10 and Windows Server 2012, 2016, 2019, or Azure. If you have full control over the asset lifecycle management process for your financial institution you may have already completed this […]
(NOTE: Guru Briefs are short takes on recently released regulatory activity. They are not a detailed analysis, but designed to draw attention to the Guru’s initial impressions.) In this edition: The OCC has been particularly active on the regulatory front lately, and even non-OCC institutions may want to pay attention, as the head of the OCC […]
Feedback from recent regulatory examinations indicates a potentially troublesome trend; regulators are actually reading your policies. Traditionally, regulatory findings are concentrated in policy weaknesses. Either polices don’t exist (social media and mobile banking for example), or they do exist but need “expansion”. (“Expansion” is a vague and often used-term in examination findings to indicate a […]
The FFIEC has previously issued a statement on Windows XP and the regulatory expectations for both financial institutions and TSP’s beyond April 8th, but so far the regulators have not weighed in on the implications to e-banking and RDC customers. According to some estimates, as many as 30-40% of your business customers may still be […]
One thing that’s clear from the examination feedback I’ve received from financial institutions in 2013 is that examiners are spending less time in their safety & soundness examinations on the CAMELS “C”, “A”, & “L” (capital, asset quality and liquidity) issues, and more time on the “M” & “E” (management and earnings) issues. (There was […]
Hey Guru Our examiner is asking about the “scope” of our IT audits. What is she referring to, and how do we define a reasonable scope? Audit results are one of the first things examiners want to see, and the “scope” of the audit is very important to examiners. In fact, the term is used […]
Hey GuruI recently had an FDIC examiner tell me that we needed to make a better distinction between a vendor and a service provider. His point seemed to be that by lumping them together in our vendor management program we were “over-analyzing” them. He suggested that we should be focused instead only on those few […]
Hey Guru, I have a question about Fedline. Will regulators write us up for having Fedline on a PC in the lobby of the bank? Possibly, I have seen that. The issue is with the extreme sensitivity of data processed on that device, so if you want to leave it where it is, your response […]
This is a true story, the names have been changed to protect the guilty. Al Akazam (not his real name) is an IT consultant with a solid background in
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According to Donald Saxinger (senior examination specialist in FDIC’s Technology Supervision Branch) in a telephone briefing given to the ABA in
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