Evaluating a credit union’s Vendor Management Program continues to be a priority during audits and examinations to ensure best practices are in place to monitor third party risk. However, many financial institutions today fall short in implementing a comprehensive compliance program to manage third parties beyond the vendor onboarding process. Vendor risk assessments and due […]
There are numerous reasons why financial institutions should conduct independent security assessments and audits of its IT infrastructure. We have provided the top five reasons your institution should implement an annual IT audit plan: Comply with regulatory requirements – Financial institutions are required to perform IT security testing to ensure specific information security requirements are […]
Click here to read this quarter's Compliance Spotlight - highlighting the latest company news, regulatory reminders, and valuable resources to help elevate your institution's compliance programs!
Financial institutions are required to implement Information Security and Cybersecurity Programs that include controls and safeguards to mitigate threats such as network intrusion and compromise, unauthorized access to systems and data, and data breach. Once cyber risk controls have been implemented, many institutions make the mistake of not assessing and testing whether the controls are […]
BTG will be exhibiting at Cooperative Credit Union Association's 2022 CU Martetplace on April 20, 2022, held at the DCU Center in Worcester, MA. Visit https://www.ccua.org/marketplace-experience for more information!
Click here to read this quarter's Compliance Spotlight - highlighting the latest company news, regulatory reminders, and valuable resources to help elevate your institution's compliance programs!
The Federal Bureau of Investigation (FBI) Internet Crimes Compliance Center (IC3) released its annual report detailing reported cyber threats and trends. We encourage financial institutions to review the reported statistics to ensure its cybersecurity program priorities address trending and relevant threats. Click here to view the 2021 FBI Internet Crime Report.
Cyber attacks are ever-evolving, and financial institutions must have a multi-layered approach to combat these threats. The U.S. Department of Homeland Security’s Cybersecurity and Infrastructure Security Agency (CISA), the Federal Bureau of Investigation (FBI), and Federal and State Banking Agencies recommend all financial institutions revisit Cybersecurity Programs and ensure safeguards are in place to identify […]
The National Credit Union Administration (NCUA) released the Letter to Credit Unions 22-CU-02 outlining the agency's examination program priorities for 2022. Supervisory priorities for 2022 cover: Credit Risk Management, Information Security (Cybersecurity), Payment Systems, BSA/AML Compliance, Capital Adequacy and Risk Based Capital Rule Implementation, Loan Loss Reserving, Consumer Financial Protection, Fraud, LIBOR Transition, Interest Rate […]
While we wait for the NCUA to release the official Supervisory Priorities for 2022, we want to share a few critical priorities that we anticipate will be on the radar during upcoming credit union exams. The insights listed below are based on previous priorities, NCUA guidance released within the last year, and feedback shared from […]
