Mobile Banking Risk Assessment: Electronic Banking Examination Checklist 2018-02-22T09:17:59+00:00

Project Description

Mobile Banking Risk Assessment: Electronic Banking Examination Checklist

Mobile Banking Risk Assessment - LogicManager's Electronic Banking Examination Checklist PluginAs 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.

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.”

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.

Request Demo | LogicManager Blog

Learn how LogicManager’s ERM software safeguards thousands of organizations from harmful pitfalls here!

The LogicManager Platform Provides:

Streamline the mobile banking risk assessment process by leveraging the plugin within the LogicManager application. Compliance officers and risk managers can complete the checklist in symphony with mobile banking risk assessments, electronic banking risk assessments, and other IT risk assessments.

Results 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.

The benefit is twofold: First, the bank can easily demonstrate compliance with regulations, and second, the protected consumer remains a loyal customer.

Mobile Banking Risk Assessment - Use the Electronic Banking Examination Checklist

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.

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.”

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.

Request Demo | LogicManager Blog

Learn how LogicManager’s ERM software safeguards thousands of organizations from harmful pitfalls here!

The LogicManager Platform Provides:

Streamline the mobile banking risk assessment process by leveraging the plugin within the LogicManager application. Compliance officers and risk managers can complete the checklist in symphony with mobile banking risk assessments, electronic banking risk assessments, and other IT risk assessments.

Results 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.

The benefit is twofold: First, the bank can easily demonstrate compliance with regulations, and second, the protected consumer remains a loyal customer.

Mobile Banking Risk Assessment - Use the Electronic Banking Examination Checklist