If you're gearing up for your next regulatory exam or audit, it might be time to pause and ask yourself one important question: how many spreadsheets are you using to manage the process? Chances are, it’s more than one. And if that’s the case, it may be time to...
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...
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...
In the world of community banking, the landscape of information security and cyber risk management has dramatically evolved. Gone are the days when all servers were in-house, and every application installation involved the IT department. Today, it’s easier than ever for a Compliance Officer to sign off on a new software tool to manage Reg DD challenges or for a Loan Officer to adopt a cloud solution to improve customer acceptance rates.
