Achieve Regulatory Peace of Mind

Unique ‘Disclose, Proof, Test, Report’ Process Ensures Compliance

 

Compliance is now everyone’s responsibility. Poorly managed programs result in prohibitive costs and may even threaten survival over the long term. Helping banks and credit unions cope, Finiracle delivers built-in controls at every level, reducing institutional burdens and allowing better focusing of existing resources.

Yes, there have always been laws and regulations, but a number of factors have resulted in their exponential growth in recent years. Security risks related to the rise of the Internet, duplicative or contradictory bureaucratic handoffs and the abuses of a tiny few bring the compliance maze that exists today. National crises have also brought attention to formerly back burner issues. This became especially clear after the attacks of September 11. Speaking at the Conference on Bank Structure and Competition in Chicago, Illinois, former Federal Reserve Vice Chairman Roger W. Ferguson Jr. made these observations the following May:

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Supervisory expectations for business continuity planning and disaster recovery are long-standing. In general, the supervisory process focuses on a bank’s risk-management and governance process, rather than mandating specific technical or operational standards. As institutions have expanded their use of integrated systems to support business operations, the potential for single points of failure has increased. In response, the banking supervisors have issued more detailed guidance on contingency planning, including managing information technology risk, information security, outsourcing, and network management. Examiners regularly assess the adequacy of business continuity plans. Moreover, the integration of information technology reviews into safety and soundness examinations and our evolving and expanding definition of the elements of operations risk are resulting in a more comprehensive approach to assessing the completeness and adequacy of business resumption plans.

Your peace of mind, at a minimum, requires the Finiracle Compliance Team’s solemn devotion to security, business continuity and disaster recovery as well as disclosures on websites, advertising and collateral material. Finiracle recognizes and fulfills its responsibilities to your institution with redundant systems, proofing and testing and complete reporting.