You’ll get a score for your compliance level and an evaluation of areas that need improvement.
You can also print out management reports—summary or detailed—that are easy to read and easy to share.
These documents are designed to assist financial institutions with understanding and managing the risks associated with outsourcing a bank activity to a service provider; and to address the characteristics, governance, and operational effectiveness of a financial institution’s service provider risk management program for outsourced activities beyond traditional core bank processing and information technology services.
This document discusses the supervisory practices that the Federal Reserve may employ when banking organizations and their borrowers and customers are affected by a major disaster or emergency.
In June 28, 2016, the SEC proposed a new rule that would require registered investment advisers to adopt and implement written business continuity and transition plans.
The proposed rule is designed to ensure that investment advisers have plans in place to address operational and other risks related to a significant disruption in the adviser’s operations to minimize client and investor harm.Organizations are required to disclose those plans to customers upon the opening of each new account; plans must also be posted on the firms’ websites. Dedicated to investor protection and market integrity, FINRA investigates fraud and insider trading, and levied over 0 million in fines and restitution in 2016.A not-for-profit organization, FINRA is responsible for regulating every broker and brokerage firm doing business with the U. This SEC-approved rule requires members to establish and maintain business continuity strategies and plans relating to an emergency or a significant business disruption.It includes the recovery of all documentation and data required to be maintained by law.Standards compliance is mandatory, but it doesn’t have to be hard. From 9/11 to Hurricane Katrina to the Valley Fire to Hurricane Sandy and now, sadly, Tropical Storm Harvey, almost every part of the country has been touched by unforeseen circumstances that have threatened the survival of businesses as well as people.Where BC was once focused solely on IT disaster recovery, lacking in strong business continuity standards, today’s BC looks different: It is precise, comprehensive, and governed by intelligent regulations that reflect the current business environment and focus on conditions necessary to survive.Key management issues include risk assessment, service provider selection, contract terms, and oversight of outsourcing arrangements.These guidelines establish standards for safeguarding customer information as required by the Gramm-Leach-Bliley Act (GLBA), which compels banking agencies to establish appropriate standards for financial institutions relating to the administrative, technical, and physical safeguards of customer records and information.Here are just a few items of interest to BC planners: : This Financial Institution Letter (FIL) outlines some suggested practices for maintaining secure network operating systems and application programs that utilize those operating systems, addressing the need to watch for both external and internal threats to computer networks.The FDIC, together with the other federal regulators of banks, thrifts, and credit unions, issued this joint guidance on managing the risk exposure an institution faces when it uses outside firms for technology.