FFIEC IT Compliance Assessment

The Federal Financial Institutions Examination Council (FFIEC) is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by 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 Consumer Financial Protection Bureau (CFPB), and to make recommendations to promote uniformity in the supervision of financial institutions. These agencies prescribe regulations and best practices for financial institutions.

Schneider Downs is well-versed and experienced in all the various guidance that the FFIEC has released and can assist your organization in achieving FFIEC compliance within your organization.

Topical areas include:

• Audit
• Business Continuity Planning
• Development and Acquisition
• E-Banking
• Information Security
• Management
• Operations
• Outsourcing Technology Services
• Retail Payment Systems
• Supervision of Technology Service Providers
• Wholesale Payment Systems

Detailed Approach to FFIEC Compliance

We begin our assessment by working closely with you to understand the current state of your organization in relation to the audit topic. We review previous audit results, examiner comments/ratings and interview management. We then review policies and procedures in relation to the examination guidance from the FFIEC. From there we will dig deeper into the actual business practices and controls related to the audit topic at hand. After this analysis we provide a detailed report outlining considerations such as current gaps and detailed recommendations to close those gaps.

What makes the Schneider Downs process so effective is that our FFIEC compliance assessments are aligned with the FFIEC examiner audit protocol. Through our deep understanding of FFIEC audit protocol we can perform a detailed review of your information technology operations. Our ultimate goal is to assess your organization’s compliance with the FFIEC guidelines, identify gaps and provide you with detailed recommendations to effectively close those gaps and ultimately protect customer information.

Our FFIEC Compliance Process

1. Identify current state
2. Understand policies, process and controls
3. Evaluate controls and determine if gaps exist
4. Produce detailed report with remediation steps