Mobile Banking Risk Assessment: Electronic Banking Examination Checklist
What is an Electronic Banking Examination Checklist?
Mobile banking capabilities — like the banking app on your phone — while a huge innovation, has increased the exposure of banks and consumers alike. The Electronic Banking Working Group of the Federal Reserve System developed an Electronic Banking Examination Checklist to act as a strong baseline to assess banks on. The checklist is described as, “a tool for examiners to document reviews of a state member bank’s Internet website for compliance with applicable consumer protection laws and regulations.”
As consumer trends shift and technology advances, online banking is no longer just a perk offered by larger banks. Customers across the financial services industry now expect online and mobile banking. Private information that needed only be protected by bank branches is vulnerable because of this widespread remote accessibility. Financial institutions of all types and sizes need to perform regular mobile banking risk assessments.
The assessment was released as a hard copy checklist and covers many areas of electronic banking including: compliance management, advertising, privacy, the E-Sign Act, taking applications, online lending, and online deposits. Some questions paint with broad strokes, asking for high-level assertions about the overall structure and functionality of the electronic banking platform. Other questions are far more granular, and allow for a deep dive into potential vulnerabilities
What is the Benefit of a Mobile Banking Risk Assessment?
The benefit is two-fold: first, banks can easily demonstrate compliance with electronic banking regulations, and second, the protected consumer remains a loyal customer. Compliance officers and risk managers can streamline the process by completing the checklist in tandem with additional electronic banking and IT risk assessments.
The results of the assessment are then related to existing controls and monitoring activities, requirements, and best practices outlined by the Federal Reserve System. Completing the checklist in a risk-based software application allows areas of high risk to be immediately addressed, and action items followed through to from identification to remediation.
Achieve Electronic Banking Compliance with LogicManager:
Use LogicManager to leverage the pre-built mobile banking risk assessment and ensure that your institution is compliant with the electronic banking examination checklist. Not only will your organization achieve compliance, but you will be empowered to keep your customers’ data safe as well.
Centralized Platform: Built out multiple assessment plans and centrally house ongoing risk assessments and mitigation activities in one centralized easily-accessible location.
Taxonomy Technology: Document and create relationships between your organization’s risks, processes, personnel, resources and more with LogicManager’s taxonomy, which addresses the questions of who is responsible for what? Which departments need which resources? And where should resources be spent?
Reporting Engine: Report on your compliance status and progress for the electronic banking examination checklist with auto-generated heatmaps and dashboards along with an endless possibility of customized reports.
Automated Workflows: LogicManager uses automatic reminders and notifications to alert the appropriate person when action is required.
Get this solution.
If you’re already a LogicManager customer, you can contact your business analysts to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to see our mobile banking risk assessment in action.
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