Operational risk is the possible loss that results in inadequate or failed internal systems and controls, policies or procedures.
This can be a direct reflection of breaches, employee mistakes, fraud or any event that causes a bank’s processes to deviate from a known and expected state of operation. In today’s environment, that operation is comprised of IT assets that are designed to accomplish a specific objective as it relates to the financial institutions service definition and deliverables.
So how do banks and financial institutions know if their IT systems are performing as expected while meeting the external requirements in the form of regulatory mandates and compliance?
Compliance Awareness Every Bank Should Know at a Moment’s Notice:
- Are operations comprised?
- Are IT assets accomplishing service definition and deliverables?
- Are confident that IT systems are performing as expected?
- Are we meeting external requirements in the form of regulatory mandates and compliance?
If not, one way to find out is to wait for the customer to complain or read about it in the headlines of a newspaper. This is why an audit that gives you a mere snapshot-in-time of your compliance posture is the source of the problem. The only constant is change and there are thousands of changes to IT systems happening on a daily basis, so we offer a solution that gives you peace of mind month-to-month, quarter-to-quarter, year-to-year.
Ask us about the NEXT GENERATION in compliance awareness!
Simplify and Automate Your IT Compliance Efforts
IP Services has partnered with leading technology partners to enable a comprehensive set of managed services specific to IT compliance. The service was designed to provide “continuous compliance” with any number of regulatory requirements such as FFIEC, PCI DSS, HIPAA, GLBA, CIS, NIST and many others.
With the extensive requirements as defined in the various standards, domains, controls, capabilities, and frameworks, IP Services will simplify your operational risk using continuous compliance utilizing their IT Visible Compliance offering that:
Is automated and eliminates a substantial amount of the working capital
- Provides easy to read and understand HTML reports (dashboard)
- Validate and verify that necessary controls are in place and operating correctly
- Gives prescriptive guidance with step by step instructions to fix and remediate any compliance drift issues
- Is aligned with the Center for Internet Security controls and best practices for easy to understand and interpret benchmarks and control definitions
- Is agentless based which can be customized for on-demand or scheduled compliance scans
- Includes “waiver management” capability to allow for conditions that exist within a policy(s) that take exception to an audit or compliance condition
- Supports an automated workflow with ticketing systems