The Season of Perpetual Hope also comes with its share of creepers, thieves, and hi-tech criminals all out for one thing – your identity!
With the FFIEC’s November 2015 release of the organization’s IT Technology Examination Handbook, many financial institutions’ board members get a big surprise.
Financial institutions need to prepare for the EMV chip mandates. Specifically, equipment and operational requirements, parameters, controls and procedures that support the implementation of the EMV program. FI’s will also need to engage applicable vendors and providers to map out a potential plan that could include outsourcing card production currently done in-house.
Topics: vendor management
Granted, last month was the time for scary situations but the switch from magnetic swipe cards to EMV chip cards is making November even more daunting for financial institutions.
Given the number of tasks involved and related regulatory standards applicable to this massive rollout, successful integration of chip card issuance and terminal integration is key.
It’s no secret findings from audits and exams are getting more complex in this world of online banking and cyber-security compliance mandates.
At the beginning of 2015, the NCUA released new requirements and areas of focus for IT examinations in an effort to make sure credit unions are prepared to protect their data from increased cyber-attacks. FINRA has already announced its top three exam priorities for 2016, prior to the release of its annual Regulatory and Examination Priorities Letter.