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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.
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...
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...
In the rapidly evolving landscape of banking technology and cybersecurity, understanding and implementing effective Identity and Access Management (IAM) strategies is more crucial than ever. Yet, we understand that delving into the complexities of IAM can be daunting. Our goal is to unpack this crucial matter into straightforward and practical measures.
