In August, the Federal Financial Institutions Examination Council (FFIEC) released updated guidance on Authentication and Access to Financial Institution Services and Systems to provide financial institutions with examples of effective risk management principles and practices for access and authentication.
This is the first such update on this topic in 10 years, and it contains information that financial institutions need to know to comply with mandatory safety and soundness standards.
Some of the recommendations in the new documentation include:
- Conducting a risk assessment for access and authentication to digital banking and information systems
- Identifying all users and customers for which authentication and access controls are needed, and identifying those users and customers who may warrant enhanced authentication controls
- Monitoring, logging, and reporting of activities to identify and track unauthorized access
Click here to access the complete Guidance documentation.
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Banks and credit unions focused on auditing and access reviews may find Provision Audit Dashboard the perfect fit. Let's schedule a time to talk!