If your primary Federal regulator is the FDIC, your bank’s IT examinations will now be conducted using a new 60-page examination form that the FDIC has just released in its FIL-43-2016.* The FDIC’s new Information Technology Risk Examination (InTREx) Program is designed for examiners to fill out electronically and is effective July 1, 2016.
Friends of Traditional Banking (FOTB) and BankOnIT are excited to announce that BankOnIT, a bank network technology firm that focuses on helping traditional banks, has signed on as the founding Corporate Friend of Friends of Traditional Banking.
Do you see your bank’s technology as a “negative”— something that creates a drag on earnings and eats up management’s time in dealing with constantly occurring issues? Instead, what if your bank’s technology could be a source of strength, helping your bank to achieve its strategic objectives while at the same time reducing risk, reducing regulatory burden, adding capabilities and allowing management to spend more time on other, more important goals?
Adams Dairy Bank in Blue Springs, Missouri, has joined BankOnIT as the firm’s latest Bankers Private Cloud® client.
“We’ve partnered with BankOnIT to ensure that we spend our time focused on our clients and our community, not managing IT,” David Charles Chinnery, President & CEO of Adams Dairy Bank, said when asked why he chose BankOnIT as his bank’s IT provider. “Banks are measured by how well they execute,” Chinnery added.
The FBI announced that it’s seen a dramatic rise in ransomware. These attacks entice users to open an email attachment or click on a link that downloads malware that “locks-up” or encrypts data on a computer, shared files or files on a server that’s accessible from the computer. The attacker then demands payment to unlock the data or provide the decryption key. These infections can be devastating and recovery can be a difficult and timely process.
Community State Bank in Coffeyville, Kansas, recently joined BankOnIT’s Bankers Private Cloud®
“It takes a lot of time and specialized knowledge to successfully manage IT today,” Ewy said. “Partnering with BankOnIT will allow my executive team to spend less time focusing on IT and more time working with our community.”
More government regulation. More risk. More cost. Every day, bankers are faced with these challenges, and information technology issues are increasingly a big part of the reason why. The rapid pace of technological change has driven rapid growth in technology risks, which in turn have driven increased regulatory focus, all of which drive increased costs.
BankOnIT recently added Spring Valley City Bank in Spring Valley, Illinois, to its Bankers Private Cloud® service.
BankOnIT created and provides the Bankers Private Cloud®, an exclusive solution for community banks that improves efficiency, reliability and information security while minimizing a bank’s risk – including regulatory and strategic risks.
Matt Merboth, president and CEO at Spring Valley City Bank, looks to the increases in cyber risk as an important reason for keeping up with IT.
Earlier this month the FDIC published a Winter 2016 special edition of its FDIC Consumer News entitled "A Bank Customer's Guide to Cybersecurity.”
Your bank's board has responsibility for vendor management
The FDIC released a video today that is designed to assist community bank directors and executive management in developing a comprehensive risk assessment program for vendor management.