Regulatory necessities are a key operational concern that we hear about from our monetary prospects. As a key supplier of know-how for mission-critical monetary system infrastructures throughout the globe, Cisco is held to the very best ranges of scrutiny within the monetary providers regulatory audit chain. We’ve got helped prospects navigate the complicated necessities and panorama to assist maintain them protected, when 100% of their enterprise, depends on our tools within the worth chain.
A key problem is managing iterations of infrastructure in international monetary enterprises which have spanned 50+ years of digitization. These techniques are regularly being up to date with newer and higher ones; nonetheless, it takes a very long time to sundown the legacy know-how. This results in many generations of put in know-how units with various {hardware} and software program techniques, all that should be tracked and managed, secured, and audited. Common exterior examination is a needed problem to make sure hygiene of those techniques 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. Numerous our monetary establishment prospects are regulated by a number of, and totally different, regulatory our bodies. Within the U.S. a number of companies 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 could be exceptionally tough for monetary establishments to get work achieved.
To assist streamline audit, the FFIEC as an interagency physique, creates uniform rules, requirements, and report kinds for federal examinations of economic establishments. Having a constant set of audit standards and kinds, a monetary establishment can have one audit that satisfies quite a few federal regulatory companies and retains it a stage regulatory taking part in discipline. The FFIEC’s scope is way broader than merely the IT points 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 Companies
Over the following few weeks and months we’ll be contributing blogs that can concentrate on the FFIEC’s necessities within the info know-how area, protecting the under distinct areas:
- The Cybersecurity Maturity Evaluation and methods to use it
- The 2021 Updates within the Structure, Infrastructure, and Operations ebook
- {Hardware} and Software program Lifecycles
- Widespread Threat Administration Matters: Structure, Information, IT
- Infrastructure Administration
- Operations and Operational Processes
- Cisco instruments that may fulfill regulatory governance necessities
The aim for this sequence of blogs is to assist the IT groups of economic establishments concentrate on the regulatory ideas handled additional upstream in a corporation, and to advertise instruments that simplify the hardening of techniques and streamlining audits.
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