Over 40 Banks in 30 Days Say Yes to BankOnIT
Over 40 banks in 30 days said yes, they wanted BankOnIT’s recently released virtual Financial Institution IT Officer, FinITO™. FinITO™, an easy-to-use, secure online program helps client banks manage, document and report on hundreds of IT compliance tasks that need to be addressed in a typical year.
“With updates to the FFIEC’s IT Examination Handbook, numerous other initiatives announced by each of the bank regulatory agencies, and the regulators' focus on IT compliance, banks have more responsibilities than ever before,” Kathy Malone, BankOnIT SVP, said. “Banks need to ensure that not only are the technical aspects of their bank’s IT correct but that they also have a system for making sure IT compliance is occurring and being documented.”
Malone, a former bank examiner, assisted in the creation of FinITO™ by reviewing compliance tasks in the program and by selecting client bankers to review the program and provide input prior to its release.
FinITO™ helps banks to carry out, report on and review hundreds of IT compliance steps at the individual, committee, management and Board levels. Task descriptions, their priority, due date and current status are all laid out in plain English. Users are prompted about upcoming and past-due tasks assigned to them. FinITO™ also provides bank management and the Board easy-to-understand reporting that helps them verify if IT compliance steps are up to date, in addition to helping the bank better document task completion for audit and exam purposes.
BankOnIT was recently awarded the prestigious Community Bankers Association of Illinois (CBAI) Service Development Award by Tom Marantz, Chairman of the CBAI, for the development of products and services that significantly enhance the internal operations of community banks and the delivery of bank services to their customers. FinITO™ is only one of many examples of the services BankOnIT has created to help the banking industry have more technology capabilities and obtain better results with their technology systems.