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By Tom Hinkel  |  In Hot Topics

Vendor Management in 3 Parts. Part 3 – Risk Management (or, “can we or can’t we?”)

The last step in the vendor management process is to manage, or control, the risk that was identified in step 1, and assessed (as inherent risk) in step 2.  Controlling risk is defined as applying risk mitigation techniques (or “controls”) to reduce risk to acceptable levels  It’s important to understand that risk can never be completely eliminated, […]

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By Tom Hinkel  |  In Hot Topics

FFIEC Handbook Update – SAS 70 Transition

The FFIEC has just updated their online IT Examination InfoBase to address the AICPA phase-out of the SAS 70 reporting format.  All references to “SAS 70” have now been replaced, and the SAS 70 sections of the Audit and Information Security Handbooks have been completely removed.  Previously there were a total of 31 references to […]

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By Tom Hinkel  |  In Hot Topics

SOC 2 vs. SAS 70 – 5 reasons to embrace the change

The SOC 2 and SOC 3 audit guides have recently been released by the AICPA, and the SAS 70 phase-out becomes effective tomorrow.  The more I learn about these new reports the more I like them.  First of all, as a service provider to financial institutions we will have to prepare for this engagement (just […]

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By Tom Hinkel  |  In Hot Topics

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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By Tom Hinkel  |  In Resources

SOC Report Selection & Evaluation Aids

With the SAS 70 phasing out on 6/15, financial institutions have a dual challenge; determining the best report to request, and evaluating the report they are provided.  To assist with this challenge, I’ve created two documents. The first, or Step 1, is a SOC Selection Flowchart, which is available here.  This will assist in determining […]

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By Tom Hinkel  |  In Hot Topics

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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By Tom Hinkel  |  In Hot Topics

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 […]

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