Zach Duke

The Critical Link Between Third-Party Risk Management (TPRM) and Access Management

by Zach Duke | Nov 7, 2024

As highlighted in a recent article from the Federal Reserve, managing third-party relationships and the access associated with those relationships is a critical component of Third-Party Risk Management (TPRM). The associated access third party vendors have to banking systems is known as Access Management and is foundational for mitigating risks associated with third-party relationships. Access Management may be easy to overlook because it does not always reside with the same person or team as TPRM; making it difficult to provide critical oversight.

With increased regulatory focus, how should institutions be thinking of Access Management? Here are five steps your institution can take today to strengthen your third-party governance.

FFIEC Authentication Guidance: Are You Meeting the Expectation?

by Zach Duke | Oct 10, 2024

The FFIEC has updated their expectations for access management with the Authentication and Access to Financial Institution Services and Systems Guidance. This guidance expands beyond traditional customer authentication and places a significant emphasis on...

The Critical Foundation of Managing Access to Banking Systems

by Zach Duke | Sep 26, 2024

Managing access to banking systems has become increasingly complex as financial institutions navigate legacy reporting systems, API access, and cloud solutions. These challenges, along with the risks posed by unmanaged systems, emphasize the need for maintaining a...

How to Get Your Information Security Budget Approved in Cost-Sensitive Times for Community Banks

by Zach Duke | Aug 29, 2024

In the current economic environment, community banks face unique challenges such as rate compression, shrinking margins, liquidity and commercial real estate concerns. These factors make the upcoming budgeting season particularly daunting for IT and information...

Preparing for Your Next Exam: Ensuring Identity Access Management Meets Expectations

by Zach Duke | Aug 15, 2024

Preparing for your next examination can feel overwhelming as the regulatory expectations continue to expand. As you gear up for your next regulatory examination (or audit), it is crucial to align with the expectations outlined in the Federal Financial Institutions...

Why You Need to Know Every System for Every Employee

by Zach Duke | Jul 23, 2024

Are you confident that your bank has clear and thorough visibility to every employee’s physical and digital access to systems? If you’re like most banks we work with, the answer to this question is “no”. There are many challenges that make tracking employee access...

My Epiphany of AI During a Session With My Therapist

by Zach Duke | Jun 20, 2024

For over a year now, every Tuesday, the Finosec team has been holding a meeting to discuss how we are leveraging AI personally, at work, and in our platform. These weekly meetings have consistently focused on sharing the impact of AI for each of us personally and the...

AI in Financial Services: Balancing Innovation, Third-Party Risk Management, and Regulatory Scrutiny

by Zach Duke | Jun 6, 2024

The integration of artificial intelligence (AI) in the financial services sector presents both transformative opportunities and significant challenges. As financial institutions increasingly evaluate AI technologies, it is crucial to ensure these innovations comply...

AI -The New Gutenberg Printing Press

by Zach Duke | May 9, 2024

For those of you who don’t know me or my family well, we are a Disney family. For those of you who just rolled your eyes, bear with me, this article isn’t just about Disney. It’s about a lightbulb moment I had while riding Epcot’s Spaceship Earth, which illustrates the journey of human progress from the dawn of time.

The area shows before the printing press how communication was handled; handwritten copies and one-to-one conversations. Then you see society’s leap from the written word to the digital age and computers. Just as the ride highlighted the milestone and impact of Gutenberg’s printing press, I found myself contemplating AI’s place in our future and the striking realization that the two journeys are more similar than they are different.

Navigating Cyber Insurance: Are You Really Covered? Critical Lessons Learned

by Zach Duke | Apr 25, 2024

In the evolving state of cybersecurity, financial institutions grapple with the challenge of safeguarding their digital and financial assets against cyber threats. Cyber insurance has emerged as a critical component of risk management strategies. However, the complexities surrounding these policies, particularly regarding coverage in the event of a breach, can leave many organizations vulnerable.

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