The Federal Financial Institutions Examination Council (FFIEC) is a five member agency responsible for establishing consistent guidelines and uniform practices and principals for financial institutions. The member agencies include the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS).
In 2004, the FFIEC updated its information technology examination manual to account for the ever-quickening pace of changes and advancements in technology occurring at financial institutions and technology service providers. The result is the FFIEC IT Examination Handbook, a compilation of twelve booklets that can be updated individually as needed by the Council.
Financial institutions must pay close attention to all twelve areas in order to maintain FFIEC compliance. The booklets include Business Continuity Planning, Development and Acquisition, Electronic Banking, Fedline®, Information Security, IT Audit, IT Management, Operations, Outsourcing Technology Services, Retail Payment Systems, Supervision of Technology Service Providers, and Wholesale Payment Systems.
Ensure your institution is FFIEC compliant.