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June 2016

COSO ERM-Integrated Framework Update – Now Open for Public Comment

by William Hord

June 28, 2016 01:06 pm

On 6/14/16 COSO announced their much anticipated update to their ERM Integrated Framework. They indicated in their press release that “The update, Enterprise Risk Management — Aligning Risk with Strategy and Performance, is designed to address the needs of all organizations to improve their approach to managing new and existing risks as a way to help create, preserve, sustain and realize value.” (more…)

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FFIEC Issues Statement on Cybersecurity

by William Hord

June 08, 2016 08:06 am

FFIEC Issues Statement on Safeguarding the Cybersecurity of Interbank Messaging and Payment Networks

The Federal Financial Institutions Examination Council advised financial institutions yesterday afternoon to monitor the risks associated with interbank messaging and wholesale payment networks. Coming just two weeks after a malware attack on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) breached 12 banks. The FFIEC stated “financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization and access controls; monitoring and mitigation; fraud detection; and incident response.”

If you haven’t already been assessing this process risk via your ERM program and/or your IT/GRC program, you should. Ensuring you have all the necessary controls in place to mitigate your risk and provide assurances to examiners and stakeholders is critical for such a highly utilized and trusted financial service.

https://www.ffiec.gov/press/pr060716.htm

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