Finosec Official Blog

How you can deliver an all-star information security audit

FINOSEC posted in Cybersecurity, Guidance, checklist, board, board training, training, Exam, Exam Readiness, preparedness, Security, information security, Processess, independence, Information Security Officer

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Bank examiners and auditors constantly change their expectations. The result is you feel as if your information security practices are trying to hit a moving target while the boundaries shift constantly.

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Contract Checklist

FINOSEC posted in Cybersecurity, Innovation, Fintech, Banking, community banking, checklist, contract

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Contracts are typically dense, highly detailed documents that can be hard to navigate. After wading through strikingly specific legal verbiage, it can be difficult to ascertain whether or not the contracts are accomplishing everything they claim to be. As a result, financial institutions may wonder how they can feel confident in signing such a document. Systematically and thoroughly reading and reviewing the contract before agreeing to its terms are vital, but knowing how to do that well can be tough. Prior to conducting a review, you’ll need to understand the expectations of the relationship: which products/services were selected, any prerequisites or additional costs to implement, term(s) of the agreement, and the stakeholders. Conducting a contract review is vital to reduce overall risk, ensure that the provisions are correct, and provide both sides with the opportunity to fully understand what they are agreeing to before the final signing decision is made. Regulatory requirements mandate that each institution is responsible for reviewing and understanding vendor contracts and/or agreements - but that is easier said than done.

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