Centraleyes announces the addition of the Federal Financial Institutions Inspection Council (FFIEC) to its expanding framework library.
The FFIEC is a structured interagency body made up of five banking regulators who are in charge of the US federal government’s audits of financial institutions. The FFIEC establishes uniform reporting mechanisms for federally regulated banks and financial institutions, their holding companies, and their non-financial subsidiaries. The FFIEC acts as a training ground for examiners who work for the council’s member agencies.
Meeting FFIEC compliance requires regular comprehensive assessments to identify potential security weaknesses or threats.
Using the Centraleyes platform you can manage and review your FFIEC compliance. The platform guides the user through the evaluation phase of the institution’s cyber security maturity level.
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The FFIEC IT Handbook Infobase provides a variety of resources for information technology guidelines, ranging from IT booklets and work programs to information on laws, regulations, and guidance. Financial institutions can use these compliance assets to ensure that they are in compliance with the FFIEC’s cybersecurity guidelines.
Failure to follow the FFIEC’s guidelines may result in a financial penalty of up to $2 million. This amount, however, could be significantly higher if the organization is sued in federal court for violating banking regulations.
Centraleyes delivers streamlined, automated data collection and analysis, prioritized remediation guidance and real-time customized scoring to meet the FFIEC requirements. Centraleyes has mapped FFIEC back to its control inventory, sharing data across multiple frameworks through the platform, which saves valuable time and resources. Through the Centraleyes platform, organizations can gain full visibility to their cyber risk levels and compliance.
Learn more: https://www.centraleyes.com/ffiec/