For financial institutions subject to FDICIA, the Federal Deposit Insurance Corporation Improvement Act, the annual management attestation is a critical declaration of compliance. It signifies that the institution’s internal controls over financial reporting (ICFR) are effective. One key control to validate is how user access reviews are performed.
During Thanksgiving, it’s the perfect time to reflect on gratitude—both personally and professionally. At Finosec, our commitment is grounded in one key principle: the customer is the reason why we’re in business. This belief has been instilled in me since childhood, thanks to the lessons of my father, who not only shaped my views on business but also inspired me to carry these values into my leadership today.
Access management is a critical component of cybersecurity and compliance, especially for financial institutions where security expectations are paramount. The challenges surrounding permissions management, particularly during user access reviews, are increasing due to regulatory expectations and the complexity of banking applications. In this blog post, we’ll explore the regulatory expectations, common exam findings, and best practices that can help your organization manage user access effectively while adhering to the principle of least privilege – limiting user access to only the resources necessary to perform their job functions.
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.
With all eyes focused on AI regulations and the sunset of the Cybersecurity Assessment Tool (CAT), the recently released FFIEC Development, Acquisition, and Maintenance (DA&M) has almost slid under the radar. However, this new booklet is a complete rewrite...
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...
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...
Several months ago, I wrote a blog on Shadow IT, emphasizing the risks of unapproved software and systems used by employees without the knowledge of the IT department. Shadow IT can lead to significant security vulnerabilities, as it is impossible to protect...
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 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...
When I first entered the banking world, user access reviews were much more straightforward. Spreadsheets were used to capture the basics of who had network and core application access. There was a page in each employee’s file listing the keys and codes they had, and...
