Posted on Wed, Mar 21, 2012 @ 08:06 AM
Author:Jackie Marshall, JaMarshall@jackhenry.com
When prepping for your next IT exam, visualize the examiner with a pick and a shovel. As you work through the pre-exam checklist, consider what exists behind the check-box; if you don’t, the examiner certainly will. Can you provide specific details that indicate how you are complying with that task item or initiative? How often your IT Steering Committee and management team reviews exceptions, address residual risk and implements updates (technical or procedural), will indicate to the examiner that you are intentionally addressing IT management initiatives and not falling into a “check-box mentality.”
For example, indicating that your IT management staff and Information Security Officer regularly monitor systems for intrusions is considered an important activity for ensuring the security of your internal systems and data from internal and external threats/vulnerabilities. The examiner will also want to see actionable detail that supports specific reports, exception criteria, events to monitor for, and assignment of appropriate responsibilities to manage. Policy and procedural activities should also include requirements for documentation and archiving as well as reporting and follow-up of exceptions.
Understanding that the simple answer of “internal audit monitors the Core, etc...” may not pass muster in this post-FFIEC compliance environment should draw attention to actionable supporting activities. But, don’t view this “pick and shovel” approach as negative. Your FI likely spends thousands of dollars and many resource hours annually to monitor systems and data. Maximizing the potential benefits of these services, including validation of technology service provider relationships is an important component not just for IT but for the business success of your organization.
Knowing how to spell out strategic detail to your examiner will indicate an intentional enterprise-wide security approach that will speak volumes about your FI’s management team and respect for IT from a business perspective.
Posted on Wed, Feb 22, 2012 @ 06:09 AM
Author: Dave Foss, dfoss@profitstars.com
We don’t usually use this blog as a forum to talk about ourselves, but please allow me to make this special exception to share with you some significant changes at ProfitStars and the reasons behind them.
In 2004, we began what is now ProfitStars with the vision to provide solutions that can improve the performance of financial institutions and other diverse corporate entities. With aggressive goals for growth and for our clients’ success, we have since combined 18 of the industry’s leading niche solution providers to power the efficacy of more than 11,000 clients. We have come a long way because of grand visions, a collaboration of talent and technology, and loyal, driven clients.
After several years of developing strategic partnerships and delivering solid growth, ProfitStars has matured its vision to improve the financial industry and those closely associated with it. As part of our family, we want you – our clients, partners and associates – to understand our vision as it continues to evolve. For those of you reading with whom we don’t currently have a relationship, we want to familiarize this vision with you as well. That is why we are introducing a renewed brand to better reflect the innovative and growing organization we have become, “Today’s ProfitStars.”
Starting today you’ll notice a new look and feel to our website and overall brand image. Understand that we are the same ProfitStars with which the industry has grown, but it was time for us to update our message to the markets we serve.
Our goal with this brand renewal is to make sure you (and your customers) are more aware of the variety of tools available from ProfitStars to help improve your business. With that in mind, we have reorganized how we present our more than 60 solutions, categorizing services to more clearly communicate what is available and where it fits within your organization. These groupings are Financial Performance; Imaging & Payments Processing; Information Security & Risk Management; and Retail Delivery – determined by our team as the four primary areas most integral to your operations.
We want you to remain market leaders. In that way, expect continued product expansion and maturity from us. The biggest banking trends this year will be fueled, and supported, by technology innovations and we’re always working to stay ahead of those trends. This organization is nimble and on-track with our goals for enabling a more profitable, efficient experience. And that value is being extended to you.
This new beginning can only be successful with your support. We’re here to listen and learn even more about what you want and need, so please continue to provide that feedback. Your unique contributions are what have helped make ProfitStars what it is today, and we look forward to getting you reacquainted with our brand and the solutions available to impact your success.
So, take a look around the new website at www.profitstars.com, and tell us what you think.
Thank you for your participation in developing, launching and always evolving our solutions. We look forward to growing with you and continuing to provide solutions that improve your organization’s overall performance.
Dave