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Vendor Management and the SAS 70 Replacement
I’ve written about the replacement for the SAS 70, which officially phases out on June 15th, previously. But because this one report is being replaced with 3 new reports, financial institutions have an additional challenge that they didn’t have before. Your vendor management program must now determine the most appropriate report to request based on…
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“Concentration of duties”
It is not unusual for a community financial institution with limited personnel to have the Information Security Officer (ISO) act as a backup network administrator. In fact, this is a relatively common practice in an environment where key personnel will typically wear several hats. And there are practical reasons for this; the ISO is typically…
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AICPA finalizes SAS 70 replacement
I wrote about this here as well, but it’s now official: The AICPA has clarified the SAS 70 replacement reports. They are actually officially being referred to as “Service Organization Control Reports (formerly SAS 70 reports)”. The new SOC reports provide a framework for auditors to examine controls and to help senior management understand the…
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Top 5 Compliance Trends for 2011 – Part 3
What do Social Media, Cloud Computing, Virtualization, Data Vaulting, Mobile Banking, and Core Services have in common? For most community financial institutions, all these products or technologies involve outsourcing, either wholly or in part. When it comes to offering the latest products and services, outsourcing allows even the smallest institution to compete with the largest. …
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SAS 70 replacement…3 alternatives
I’ve written about this here, here and here, and we are still waiting on additional guidance from the AICPA, now expected March/April 2011. But of greater interest to financial institutions is the opinion of the FFIEC, which refers to the SAS 70 in the IT Examination Handbooks 30 times, and has yet to officially…