Federal Financial Institutions Examination Council
- Issues guidelines on developing a comprehensive business continuity plan that includes a business impact analysis, risk assessment, risk management, and risk monitoring that are tested and revised regularly by the institution to ensure response and return of critical financial services availability
- Provides for sound information technology management involving containment of costs and the control of operational risks, alignment of information technology infrastructure to support business strategy which adds value to the organization. It also ensures that the Board and executive management take responsibility for information technology management as a critical element of overall corporate governance efforts
- Outlines a practical approach to operational risk management with an emphasis on the daily operations and the tactical activities associated with the overall capture, transmission, processing, and storing of information assets
- Ensures the development of an outsourcing oversight program which identifies, measures, monitors, and controls the associated risks, and provides requirements definitions, service provider selection, contract negotiation and implementation, and ongoing monitoring associated with outsourcing technology services
The Federal Financial Institutions Examination Council (FFIEC) is a federal interagency group comprised of the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. FFIEC has the authority to publish standards, policies, and report forms for use by banks and other financial institutions. These documents are used by the aforementioned federal agencies in inspecting financial institutions that are subject to the standards. The structure of the FFIEC standards has changed to include twelve booklets, each dealing with its own specific realm of responsibilities within the financial institution. These twelve standards and regulations are audit practices, business continuity planning, development and acquisition, e-banking, Fed-Line, information security, management, operations, outsourcing technology services, retail payment systems, supervision of technology service providers, and wholesale payment systems.
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