Community Banking

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.

The Evolving Role of Access Management: What Financial Institutions Need to Know About the New FFIEC Guidance

by Beth Sumner | Oct 30, 2024

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...

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...

Shadow AI: Why Financial Institutions Need Comprehensive Governance

by Beth Sumner | Sep 12, 2024

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...

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...

Challenges of Manual User Access Reviews in Community Financial Institutions

by Beth Sumner | Aug 1, 2024

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...

The Hidden Risks of Shadow IT: Why Community Banks Need a Detailed System Inventory

by Beth Sumner | Jul 2, 2024

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.

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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