Published on October 1, 2011
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The FFIEC's supplemental guidance establishes a new "best practice" standard for mitigating risks to online banking systems. The revised guidance calls for a much more comprehensive risk management approach that emphasizes the necessity for comprehensive risk assessments to be performed or reviewed each year, effective "layered security" for mitigating identified risks, and improved customer and employee awareness programs.
This paper breaks down the specifics of the three key components described in the new guidance, plus provides several recommendations on how to best prepare to meet the new compliance standards before the January 2012 deadline.