FFIEC Risk Assessment and Controls
When it comes to addressing compliance and creating an effective cyber security strategy, financial services institutions face many challenges and increasing regulatory scrutiny from FFIEC Risk requirements. As a result, the need to report risk exposure and its governing actions, and potential reputation damage and fines are a struggle for businesses.
Since, Aponias’ IT Risk Management & Security professionals possess the certifications and experience that your company needs. We bring a strong technical and executive level focus that helps you identify and assess threats to your IT operations.
Our Federal Financial Institutions Examination Council – FFIEC Risk and Controls Assessment engagements initiate a thorough understanding of the business objectives supported by “best in class” engagement methodology, technology know-how, and a continuous improvement framework.
The objective of our engagement is to examine the risk of the general controls and the policies and procedures related to the Institution’s information systems. Our work steps will be based on the internal control guidelines set forth in the Information Systems Handbook of the FFIEC. These are the same control objectives used to assist regulatory examiners in examining information systems in financial institutions and independent service bureaus. Additionally, we have incorporated the CobiT (Control Objectives for Information Technology) framework into our scope of work. CobiT, is the accepted as the best practice IT management resource framework.
In addition, by incorporating both frameworks, our reviews provide an overview of information systems concepts, practices, sound information systems controls, and examination work programs. Furthermore, these control objectives are employed to evaluate potential risk areas within the institution.
Aponia’s Internal Controls Review and Risk Assessment Process
The approach to reviewing the Technology general controls will follow a systematic pattern of data collection, testing, observation and analysis. Specifically, we will:
- Interview key data processing personnel.
- Review selected documentation and other documented controls.
- Observe operations activity and the control environment.
- Review security procedures and physical safeguards.
- Also, define and report overall risk in the Technology area
The Business Benefits
Finally, the overall benefits of this assessment include:
- Rapid identification of issues
- Comprehensive testing by elite security professionals
- Extensive risk analysis for all findings
- Detailed recommendations that are used for remediation activities
- Demonstration of business risk to help senior executives understand the impact risk and security vulnerabilities
Finally, for more information, feel free to reach out to us on our FFIEC Risk Assessment Services at [email protected]