Model risk management is an evolving topic for community banks and credit unions. While models have been around for a long time, their prevalence in artificial intelligence (AI), machine learning (ML), and other software applications makes understanding and managing them more important than ever. Let's dive into some frequently asked questions about model risk management.
The tech industry is predicting, and in some cases near promising, that Artificial Intelligence (AI) will take over the world and change every aspect of our lives as we know it. With such prevalence, it's important for those of us in the security community to understand what AI can and cannot do. In this article we will cover:
On August 29, 2024, the FFIEC announced they would be sunsetting the Cybersecurity Assessment Tool (CAT) effective August 31, 2025. For the last ten years, the CAT has been a staple for many financial institutions' cybersecurity programs. As a result, many institutions now face the question:
On August 29, 2024, the Federal Financial Institutions Examination Council (FFIEC) released a new Development, Acquisition, and Maintenance (DA&M) booklet, as part of their IT Examination Handbook. This new booklet supersedes and replaces the previous Development & Acquisition (D&A) booklet.
A service level agreement (SLA) is a specific type of contract between a vendor and a business. It defines performance measures and compensation options for the times when a vendor can't hold up their end of the bargain. Let's dive into some specifics about what this looks like and what you (as a vendor manager who cares about information security) need to do about it.
On June 3, 2024, the Securities and Exchange Commission (SEC) published a final rule titled Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information. The rule amends 17 CFR Part 248 and enhances the SEC's cybersecurity and incident response requirements. 📃
The Farm Credit Administration (FCA) final rule goes into effect on January 1, 2025. If you work for a farm credit institution, what does the final rule mean for you? Let's find out.
Businesses are expected to put their business continuity and incident response plans to the test. But what does that mean exactly? If the whole concept of exercises and tests is a bit murky, you've come to the right place. In this article, we'll answer some frequently asked questions, like:
On May 3, 2024, three of the federal banking agencies published a new Third-Party Risk Management Guide for Community Banks. This guide was published as a supplement to the agencies' Third-Party Relationships: Risk Management guidance ("TPRM Guidance"), published in June 2023.
If you work for a financial institution, you may have heard the term GLBA once or twice. Or a lot. In our experience, people often use the term GLBA to describe several things related to GLBA compliance. In this article, we're going to demystify what GLBA is, and more importantly, what people mean when they say GLBA as it relates to regulatory compliance.