The recent revisions to the Bank Secrecy/Anti-Money Laundering Exam Manual are being seen as a move in the right direction by those close to the subject. According to Sepideh Behram, Senior Compliance Counsel at the American Bankers Association, the revisions made to the 2007 version reflect “certain points of...
The management of electronic data used to be a “nice thing to do.†Nowadays, the proper archiving, retention and monitoring, filtering and encryption of electronic data isn’t an option but imperative for financial institutions in order to meet compliance with regulations and federal law, including...
Research reveals that despite the importance internal auditors and corporate compliance professionals put on making sure the right controls are in place for access to systems and data, 70 percent of respondents in a recent survey of auditors said it is critical to IT compliance, the majority said there are...
Every time I see the movie “Rebel Without a Cause†I think what James Dean’s character would end up like when he went into the workforce. And I wonder how long he would last at most financial institutions.
Do you, as a information security professional feel like you’re surrounded by rebels...
Driven by increasing regulatory scrutiny and the need to protect key corporate assets such as intellectual property, compliance and issues surrounding data leakage have risen to the top of the list of priorities for today's financial institutions. Federal US legislation such as GLBA, as well as state laws such as...
The often repeated "Information Security isn't a destination, but a continuous journey," rings true for financial institution's information security professionals. What is taken along on any journey? A map showing where you've been and where you plan to go is usually needed, unless you want to wander aimlessly. In...
The latest report by the IT Policy Compliance Group finds that nine of ten companies are exposed to financial risk from data losses and thefts that can be cost-effectively avoided. The report, “Why Compliance Pays – Reputations and Revenues at Risk,†finds the majority of the 475 firms surveyed must...
Companies are scrambling to meet the Payment Card Industry (PCI) Data Security Standard (DSS). Financial institutions and merchants alike have to be in compliance - or face financial penalties and loss of processing privileges. This is new ground for many organizations, introducing a whole new set of technologies and...
Gramm-Leach-Bliley Act (GLBA) regulations require organizations to protect themselves against unauthorized access, anticipated hazards and risks threatening the security or integrity of consumer financial information. GLBA has introduced a great deal more rigor in how banks and credit unions have to handle, manage and...
As the Sarbanes Oxley (SOX) compliance challenge continues for financial services organizations, automated data auditing has become a priority. But how can you design data auditing systems and processes if you’re not sure what auditors are looking? Or what controls you need in place to satisfy requirements or how to...
When it comes to compliance with the FDIC’s recent Supervisory Letter on Identity Theft, financial institutions need to “beef up†their consumer education programs, along with looking more closely at their existing risk assessment programs to mitigate current and potential areas of vulnerabilities.
A recent survey of banking executives showed the overwhelming majority plan to increase spending on automated Anti-Money Laundering (AML) transaction monitoring and on staff to help strengthen their compliance programs.
Darren Donovan, head of KPMG’s Forensic Services said the survey, administered by KPMG...
In this podcast you’ll hear what’s driving regulatory compliance at financial institutions from Susan Orr, a seasoned bank examiner.
Hear Susan lays out a roadmap on approaching information security, and why it’s important to look beyond one regulation or compliance guidance issue and see the...
Learn how you can protect your entire online user base without compromising the bottom line.
So your financial institution has met the compliance guidance to provide stronger authentication for customer data and transactions. Now what? That is only the tip of the iceberg in deploying a long-term security...
This guide focuses on GLBA's digital security requirements as it pertains to network security audits and vulnerability management. GLBA's security regulations are in place to assure the confidentiality and privacy of financial information electronically collected, maintained, used, or transmitted – especially when...
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