 Forward Thinking: Business Continuity Plans and Innovation
Lessons from Hurricane Sandy and her Predecessors
By Lori Moore, CRCM, Director of Compliance
Frankenstorm. Hurricane Sandy. Whatever you choose to call it, this massive natural disaster roared onto the U.S. east coast and into the record books on October 29th. It closed the stock market for the first time since 9/11. It left over 8 million without power in 15 states. It shut down 70% of the oil refineries on the east coast. It did significant damage to iconic sites like the Atlantic City boardwalk, the United Nations building and the New York City subway. Many sources already estimate the storm’s total damages could exceed $50 billion. And this was a disaster that was predicted in advance. Financial institutions and other businesses had days to activate their Business Continuity Plans (BCPs). Operations and data could be migrated to back up facilities. People could be evacuated from the anticipated strike zone. Now, imagine a disaster coming without such prior warning. Yes, in the wake of Hurricane Sandy, now is the time to take the lessons gleaned from this storm and apply them to your Business Continuity Plan.
New FFIEC TSP Guidance Made Simple
Given the increased use of technology outsourcing, the FFIEC recently issued a revised Supervision of Technology Service Providers (TSP) Guideline, which is part of the FFIEC IT Examination Handbook. Clearly, the FFIEC wants to ensure its examiners are executing effective and consistent supervision practices. While its primary audience is field examiners, this new guidance does have implications for financial institutions. Join us as we break down these 127 pages into a simple and concise overview to help you understand what you need to know about TSPs:
• Risk-ranking criteria;
• Business line risk that you must manage;
• Financial information that will be evaluated;
• And more.
Speakers:
Paul Reymann, Chief Risk Officer, ATTUS Technologies
Steve Sanders, Director of Internal Audit, Computer Services, Inc.
Date: 12/6/2012
Time: 3:00PM ET to 4:00PM ET
 Question: Would a possible fee accessed to an inactive account cause the account to no longer be considered a free account?
Answer: Fees assessed against a “dormant” account are permitted in connection with “free” accounts. However, to avoid UDAAP concerns, I’d recommend each institution refer to its applicable state law to determine when an account is considered “dormant”.
Got a question on a tricky regulation? We want to hear from you. Submit your question and an expert will answer it in a future issue.
 South Carolina Revenue Department Breached
3.6 Million Social Security, 387,000 Credit Card Numbers Exposed
By Eric Chabrow
A cyberattack on South Carolina Department of Revenue's information systems this summer exposed some 3.6 million Social Security numbers and 387,000 credit and debit card numbers, including 16,000 unencrypted ones, the state reported Oct. 26. READ MORE...
Financial Regulators Release Guidance for the Supervision of Technology Service Providers
Revised TSP Booklet Issued
FFIEC
The Federal Financial Institutions Examination Council (FFIEC) today issued a revised Supervision of Technology Service Providers booklet (TSP Booklet), which is part of the FFIEC Information Technology Examination Handbook (IT Handbook). Concurrently, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency (collectively, the agencies) issued new Administrative Guidelines for the Implementation of the Interagency Program for the Supervision of Technology Service Providers (Guidelines). Click here to READ MORE....
Do your people have permission to cut up the watermelon?
3 Strategies for Empowering Employees
By Kathy Cuff
I love being pleasantly surprised, especially when it comes to customer service experiences. I had one of those experiences a couple of weeks ago when I was visiting my son at college. Let me share what happened and what I learned about the impact of empowerment as a result. READ MORE... |