Wire Transfer Security Controls: Regulatory Guidance, Risk Management & Monitoring
Monday, July 10, 2017
9:00 am – 10:30 am HST
12:00 pm – 1:30 pm PT
1:00 pm – 2:30 pm MT
2:00 pm – 3:30 pm CT
3:00 pm – 4:30 pm ET
The FFIEC recently reminded all financial institutions about the need to actively manage the risks associated with interbank messaging and wholesale payment networks. Recent high-profile, successful cyber-attacks on international wire transfers will raise examiners’ expectations for your security system and risk monitoring of international and domestic wire transfers. This session will address areas where enhanced monitoring, procedures, and risk assessments may be necessary. Join us to learn about “wire hack” cases and best practices to mitigate this risk.
Continuing Education: Attendance verification for CE credits upon request
- Risk management practices and controls over IT and wholesale payment systems networks, including authentication, authorization, fraud detection, and response management systems and processes
- Ongoing assessments of the ability to mitigate risks related to information security, business continuity, and third-party provider management
- Determining the strength of your payment system provider's security controls
- The FFIEC's recommendations to:
- Conduct ongoing information security risk assessments
- Perform security monitoring, prevention, and risk mitigation
- Protect against unauthorized access
- Implement and test controls around critical systems
- Manage business continuity risk
- Enhance information security awareness and training programs
- Participate in industry information-sharing forums
- TAKE-AWAY TOOLKIT
- Sample wire transfer agreement language
- Sample wire transfer risk assessment
- Best practices for online banking clients
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session is designed for compliance, IT, and operations officers, and staff responsible for initiating and verifying fund transfers.
PLEASE NOTE: Program content is subject to copyright and intended for your individual financial institution’s use only.
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