FFIEC Cybersecurity Assessment Tool
Streamline your IT Governance processes and demonstrate compliance with best practices to auditors using LogicManager’s comprehensive FFIEC Cybersecurity Assessment Tool (CAT) solution package.
LogicManager’s FFIEC CAT Solution
Here’s what you can expect with LogicManager’s FFIEC Cybersecurity Assessment Tool solution package:
- LogicManager provides pre-built checklists for FFIEC CAT that are ready to load directly into your environment so you don’t have to waste time and manual effort in manipulating content.
- Test the validity and effectiveness of your existing controls by building out your monitoring activities within LogicManager so that you’re not just saying you’re compliant, but you’re showing further proof of how you test your controls to confirm they’re doing the job right.
- Assessing for FFIEC CAT compliance should not be a one-and-done activity; design and set up recurring assessment tasks once in the system, and configure the frequency of the occurrence, as well as the number of reminders that get sent out. From there, the system will take care of it for you.
- Leverage our robust reporting engine to get all of the information you need at your fingertips:
- Track issues: Are there certain departments that are falling behind more than others in terms of compliance?
- Use reporting as evidence in the case of litigation: How and where did the compliance breach take place?
- Track trends and progress over time: Are your metrics improving? Is the number of flagged issues going down?
Achieve FFIEC CAT Compliance with LogicManager
Having well documented and formalized assessments of your compliance with FFIEC CAT provides examiners with the assurance they need that your program is working properly. Oftentimes when examiners come in, they will ask for information and documentation. Instead of spending countless weeks collecting loose spreadsheets and files of paperwork from various departments, with LogicManager, you can easily access all the information in one centralized location and provide examiners with reports covering exactly the evidence they’re looking for.
Maintain a centralized repository
Working out of one centralized location that all departments can access is key to organizing your information. This prevents human error and loss of information, because you no longer have to sift through different departments’ methods of tracking information or rely on individuals getting the information back to you in a timely manner, which can result in messy email chains.
Identify critical gaps
Highlight deficiencies easily and track your progress on remediation. By completing a simple “yes/no” survey against FFIEC checklists, your organization will be able to easily identify where you fall short. Any time you answer “no” to meeting one of the checklist requirements, flag an issue to track: What is your plan to ensure your organization meets that requirement? Is the lack of compliance mostly linked to one specific department or branch? LogicManager allows you to track and report on this information so that you can identify the weaknesses and begin the work of implementing new controls, policies and procedures to help you comply with FFIEC requirements.
Gain the advantages of a fully integrated GRC program
Your organization’s compliance with FFIEC CAT does not exist within a silo. There are many different teams and departments that are involved to prove your organization’s safeguards against noncompliance. Each of the departments within your organization have a hand in your overall compliance with FFIEC CAT, and all departments must work together to meet requirements, satisfy examiners, avoid serious regulatory fees and legal repercussions, and most of all, protect your clients’ personal and sensitive information. By using a GRC platform like LogicManager, your organization can rest assured that you’re taking all the necessary measures to carefully remain in compliance with FFIEC.
What is the FFIEC CAT?
The Federal Financial Institutions Examination Council (FFIEC) developed the Cybersecurity Assessment Tool (CAT) to help financial institutions identify cybersecurity risks and properly assess their readiness. As financial institutions are required to evaluate inherent risk and maturity, the FFIEC CAT is a great industry standard tool for accomplishing that. The CAT covers areas throughout an institution; it considers areas beyond IT, and ensures that the final report presents an accurate measure of organizational IT risk.
What can happen to your organization if you fall short in complying with FFIEC requirements? Noncompliance can lead to consequences such as penalties and fees, legal action (like cease and desist and restitution or prohibition orders), damaged reputation and revenue loss. These potential for financial, legal and reputational damages if you’re found to be noncompliant could mean the end of your organization entirely.