Strategic risk is the possibility that a company doesn’t make decisions that support its long-term goals. Companies that aren’t managed well and make poor strategic decisions may provide sub-par products or services or even close shop.
You believe your institution is prepared for a disaster—but are your vendors? Precautions against fourth party risk for both vendor management as well as business continuity planning. If you’re dependent on a third-party vendor that can’t quickly recover from a disaster, there’s a major gap in your own business continuity plan. Unfortunately, not every institution […]
Effective business continuity plans (BCPs) are essential for any business but especially critical for financial institutions. Though they vary from bank-to-bank (or credit union), the fundamentals of retail banking are the same – ensure the continuity of vital business operations, mitigate risk, and safeguard data and revenue. Let’s also not forget the need to earn […]
Have you heard of social engineers? You may imagine them as professionals who bring people from different backgrounds into fellowship for the greater good. Possibly redesigning urban or suburban areas to accommodate the societal changes that have taken place over the past decade. Social engineers are technical professionals who specialize in hacking into the IT […]
In 2015, we wrote about best practices in vendor management, new regulatory mandates, and increasing cyber-ransom attacks on financial institutions. As 2016 kicks into gear, it’s apparent more sophisticated vendor risk management procedures are a must-have. Here are a few key reasons: The FFIEC holds your entire organization and Board responsible for third-party IT provider cybersecurity […]
In addition to the already existing 2008 Handbook on Business Continuity Planning (BCP), the FFIEC has just issued a 16 page addendum offering up new BCP Guidance. The addendum is aptly titled “Strengthening the Resilience of Outsourced Technology Services”. It starts by emphasizing that outsourced relationships with third-party service providers (TSP’s) are an efficient way […]