Regulatory necessities are a key operational concern that we hear about from our monetary clients. As a key supplier of know-how for mission-critical monetary system infrastructures throughout the globe, Cisco is held to the best ranges of scrutiny within the monetary companies regulatory audit chain. Now we have helped clients navigate the advanced necessities and panorama to assist preserve them protected, when 100% of their enterprise, depends on our tools within the worth chain.

A key problem is managing iterations of infrastructure in world monetary enterprises which have spanned 50+ years of digitization. These methods are regularly being up to date with newer and higher ones; nevertheless, it takes a very long time to sundown the legacy know-how.  This results in many generations of put in know-how units with numerous {hardware} and software program methods, all that should be tracked and managed, secured, and audited. Common exterior examination is a needed problem to make sure hygiene of those methods are maintained amidst a backdrop of accelerating cyber danger.

Streamlining the IT audit course of

The Federal Monetary Establishments Examination Council—or higher referred to as the FFIEC—is a proper U.S. authorities interagency physique charged with serving to streamline the audit course of. A variety of our monetary establishment clients are regulated by a number of, and completely different, regulatory our bodies. Within the U.S. a number of businesses embrace the Federal Reserve (FRB), the Federal Deposit Insurance coverage Company (FDIC), the Nationwide Credit score Union Administration (NCUA), the Workplace of the Comptroller (OCC), and the Client Monetary Safety Bureau (CFPB). With out consistency, if each company had their very own examination standards for evaluation it will be exceptionally troublesome for monetary establishments to get work accomplished.

To assist streamline audit, the FFIEC as an interagency physique, creates uniform rules, requirements, and report kinds for federal examinations of monetary establishments. Having a constant set of audit standards and kinds, a monetary establishment can have one audit that satisfies quite a few federal regulatory businesses and retains it a stage regulatory enjoying area. The FFIEC’s scope is way broader than merely the IT facets of digital financials, because it consists of credit score markets, fraud, BSA/AML, liquidity, and different areas of curiosity for regulatory our bodies.

IT Governance in Monetary Providers

Over the subsequent few weeks and months we’ll be contributing blogs that may concentrate on the FFIEC’s necessities within the info know-how house, overlaying the beneath distinct areas:

• The Cybersecurity Maturity Evaluation and find out how to use it
• The 2021 Updates within the Structure, Infrastructure, and Operations guide
  • {Hardware} and Software program Lifecycles
  • Frequent Danger Administration Subjects: Structure, Information, IT
  • Infrastructure Administration
  • Operations and Operational Processes
• Cisco instruments that may fulfill regulatory governance necessities

The purpose for this collection of blogs is to assist the IT groups of monetary establishments pay attention to the regulatory ideas handled additional upstream in a company, and to advertise instruments that simplify the hardening of methods and streamlining audits.

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