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Stepping up to the plate
Trey Sullivan |
In a
recent survey, over 80% of compliance officers felt that enabling compliance
with changing regulatory requirements was the most important driver of core
systems investment in 2005. Where do you begin to set your IT priorities and
streamline your processes when regulations seem to change by the moment? Our
feature article gives advice and direction on how to best manage your
Information Security program.
Last
month, we asked which area should be the focus of your exam prep—risk factors
or documentation?
Your responses should give overworked compliance officers
everywhere some solid direction. This month, we deal with report overload. What
are some effective processes you use to integrate all the information you
receive? We need your
best advice.
To keep
this material relevant to you, I invite you to become actively involved with
this newsletter. Please send ideas for articles you’d like to see. Let me know
how successful we are at topics that are relevant to you – and your career.
Mike
Eikenberry, IT Officer at Farmers & Merchants State Bank recently won a Garmin
Rino GPS for participating in Compliance Advisor’s online community. Thanks for
contributing, Mike!
We
encourage all of our readers to become active participants in our community,
just like Mike. Real experience 'from-the-field' helps everyone succeed. Take
our brief survey and/or provide your advice and you’ll be registered in our
drawing to win an iPod™.
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Complete our 1-minute reader survey and you could win
an Apple iPod. |
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Issue 6
April 25, 2005
Vol. 1
Issue 6
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Issue 5
March 21, 2005
Vol. 1
Issue 5
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Issue 4
February 14, 2005
Vol. 1
Issue 4
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Issue 3
January 19, 2005
Vol. 1
Issue 3
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Issue 2
December 14, 2004
Vol. 1
Issue 2
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Premiere Issue
November 15, 2004
Vol. 1
Issue 1
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Preparing for an IT Security Audit
Learn specific strategies and implementation methods to:
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Reduce fraud risk from unauthorized system access
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Satisfy GLBA requirements and other security regulations
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Build a compliance blueprint for your institution
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for this complimentary Webinar today. |
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Complimentary White Paper |
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Six Regulatory Mandates for
Managing Your Information Security Program
Helpful white paper outlines the six steps necessary in building a GLBA-compliant
Information Security Program.
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to
immediately download this informative paper now. |
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Last Issue's Dilemma:
Finding focus before your audit
I have friends who work at two separate banks who have
recently been audited. One of them said the results of his audit were
based on more subjective interpretation by the examiner than in the past. His
auditor spent a lot of time on policies and his institution’s "risk
factors."
My other friend said the subjective part isn't something to
worry about. He said his examiner focused on documentation and
processes.
I
know I have to cover all the bases, but should I be focusing more in one area
than another in order to prepare properly?
—Simon J., Compliance Officer
Read the best advice from readers
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This Issue's Dilemma:
Too much information?
With the increased amount of monitoring necessary to stay in
compliance, I feel like I’m reading different reports from different systems
all day long. I have to read separate reports from deposits, loans, trust,
brokerage, wire transfers, monetary instruments and so on.
How are other compliance officers monitoring account
activities for all facets of BSA? Ideally, I’d like to have software or a
process where information from all banking departments can be compiled into one
report so I can monitor the activities of customers who might fit into the AML
program.
Is there a streamlined system other compliance officers use
now? Or am I doomed to be stuck in report overload?
—Risk Manager in Kentucky
Can You Help?
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Share your experience.
You could win an
Apple iPod.
Congratulations to this month's winner:
Mike
Eikenberry, IT Officer, Farmers & Merchants State Bank |
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Fraud and AML
Monitoring: Stay ahead of the bad guys |
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Change Management:
Survive and thrive |
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Government
Regulations: Keep up with your changing environment |
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"The helpful staff at InternetVIZ keeps our newsletter on track, and enables us to bring valuable information
to our most important constituents—our customers."
- Trey Sullivan, CEO, ATTUS Technologies
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Copyright © 2005 InternetVIZ. All rights reserved.
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