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Conducting Your GLBA Risk Assessment
Three steps to safeguard your financial institution
by Lori Moore, Director of Compliance, ATTUS Technologies
Most
likely, as you have matured, your car insurance rates have declined. That is,
unless your friends have nicknamed you “Blind Spot” or “The Fender Bender.”
Your
car insurance agency calculates your rates based on several risk factors.
Naturally, agents consider how many accidents and moving violations you have
had. They also factor in your zip code to determine how susceptible your car is
to theft.
Your
bank deserves at least as much thoughtful consideration as your pickup truck.
Your GLBA risk assessment should consist of three steps — information gathering,
data analysis and outcome prioritization.
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Three steps to a solid risk assessment
Trey Sullivan |
If there’s one phrase compliance
officers get tired of hearing, it’s “risk assessment.” Everyone knows your
compliance program should be built upon a thorough assessment of your
institution’s unique risk factors. But where do you start? This month’s
feature article
cuts through the confusion to provide a clear path to compliance.
Last month, we asked how you sell the
benefits of online training.
Your responses provide practical guidance, validating the old adage that
time is money. This month, we ask what you think most worries your online
banking customers. Are there other issues you should address besides identity
theft?
We need your best advice.
To keep this newsletter’s material relevant to you, we invite you to be actively involved. Please send ideas for articles you’d like to see, and let us know if we are covering topics relevant to the issues your institution faces. Take our brief reader survey for a chance to win an Apple iPod™.
If you would like to unsubscribe from this newsletter, please click on link at the bottom of the page.
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Everyone needs a WatchDOG
Reg CC was enacted to provide fair and uniform guidelines and disclosure to
customers about how banks handle and credit their deposited funds. As any
compliance officer knows, it’s a challenge to train staff on Reg CC and to
consistently comply with it at the teller line.
ATTUS Technologies’
WatchDOG Reg CC solution provides a user-friendly means
to keep your customers’ deposit availability consistent and compliant. Financial
institutions of any size can benefit from this powerful solution.
Read More
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Complete our 1-minute reader survey and you could win
an Apple iPod™. |
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At Your Fingertips:
Guidelines and standards for a comprehensive information
security program
As many of you may know, the Gramm-Leach-Bliley Act of 1999 requires each
financial institution to develop a comprehensive risk-based information security
program. This program must include administrative, technical and physical
safeguards to address and mitigate various security risks within your entire
organization.
Want to learn more about how to shape your program? Attend this Webinar on
March
14, 2007 at 3:00 pm ET, designed in accordance with the interagency guidelines,
as well as related guidance issued by the FFIEC. Find out more about the
required program components and the ongoing process of risk assessment and
management.
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to
attend this webinar. |
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Last Issue's Dilemma:
How can I prove online training saves money?
Our bank recently bought three branch offices from another local bank. That means I now have 54 employees at seven branches (in three counties) to keep up to speed on compliance.
In my head, I have the perfect solution. I want to purchase online training. It would free up my time to tend to bigger compliance matters — and ensure consistent training in all branches.
The only problem is: It’s a big expense. Sure, it’s less expensive than other types of training, but I’m nervous about justifying it for our board of directors. We haven’t run into any problems with federal regulators yet. The board might assume we’re doing fine. Why spend money to fix something that isn’t broken?
How have other compliance officers sold their board on the ROI for online training programs? Do you sell the training cost savings or the ability to standardize your compliance training efforts?
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This Issue's Dilemma:
What worries your online customers?
We just completed a very informal
survey of our online customers. We asked them what banking or finance issues
worry them most.
Not surprisingly, identity theft tops
the list again. The next most worrisome things, online shopping payments and
catalog purchases, don’t even come close.
I feel like we put out a lot of good
information about identity theft, but obviously our customers are still
concerned. I understand that protecting our customers’ identities must still be
a top priority.
But in
addition to that, what are some of the top complaints or issues other compliance
officers hear from their customers?
— Julie McGill, Compliance Officer
We were happy to buy this special-edition Red nano from Apple, because $10 of the purchase price goes to a very worthy cause, the Global Fund to fight AIDS in Africa. If you’d like to help out as well, here's a link to Apple's special promotion.
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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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