It is understood and expected that auditors and examiners will ask financial institutions about the safeguards, controls, and tools in place that drive and strengthen their cybersecurity governance. But as FINOSEC President and CEO Zach Duke describes in today’s video, they will also be looking for additional components. The industry is seeing expectations to describe the nuances of what questions and processes were present in cyber related strategic decisions, a concept called “credible challenge.” Auditors and examiners are looking for validation that the Board and other executive leadership members are asking solid questions and demonstrate compelling processes in making decisions around cybersecurity. Watch the video from Zach below and come back after the break for further discussion.
The expectations of auditors and examiners continue to expand, and FINOSEC wants to provide you with the tools necessary to stay ahead of the curve. This concept of credible challenge is one we want you to be aware of as you continue to work within and guide the cybersecurity elements of your institution. It is simply a concept that illustrates how the financial institution’s leadership is seriously considering each decision before it is made, and that everything is fairly questioned. We understand that executive leadership will not necessarily be cybersecurity experts, so we want to help support you in that endeavor. FINOSEC provides educational deliverables, created and curated by our team of experts, to better equip you and your team for audits, exams, and a stronger cybersecurity posture. To join a community of like-minded individuals and to access educational content and more, sign up at FINOSEC Academy today.
