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Multi-Factor Authentication Adoption Picks Up Steam
By Greg MacSweeney, Wall Street & Technology
Despite the approaching Federal Financial Institutions Examination Council's year-end deadline for the implementation of multi-factor authentication (MFA) at financial institutions, many FIs are still in the process of evaluating and selecting two-factor identification solutions. Some companies may still be in the evalu
Enterprise Risk Management (ERM) and Technology Spending
By Sandeep Vishnu, BearingPoint
Technology continues to play an increasing role in risk management as instantiated by the recent entry on the SOX technology burden by Brian Mitchell of JPMorgan. ERM poses a challenge from an expense allocation perspective in that every investment could be
FFIEC Muddies the Authentication Waters
By Cory Levine, Wall Street & Technology
The financial services industry's effort toward secure authentication for online financial transactions was bumped up a spot or two on the old to-do list last week. The Federal Financial Institutions Examination Council (FFIEC) released a list of frequently asked questions, clarifying some of the lingering issues surrounding la
The SOX Technology Burden
By Brian Mitchell, JPMorgan
Why has SOX become such technology burden?
In year one, SOX was a burden for all. The business had to define all of the key controls associated with financial reporting and it had to identify the key systems on which the business depends to support these controls. Meanwhile, the technology group applied a typical general computing controls assessment to those
It's Hard to Ignore the Hype: HSBC Security Flaw
By Greg MacSweeney, Wall Street & Technology
At first glance, the security flaw within HSBC's online banking system that has been exposed by two researchers working within Cardiff University's School of Computer Science looks like another black eye for financial firms, which are battling the growing perception that personal data risks aren't being taken seriously. Howe
When Is a Risk Not a Risk?
By Mike Everall, CISO, DrKW
Yes, we have all seen the seminars and training camps and white papers, such as: "This is how you manage risk!" The trouble is there are as many ways to "manage" risk as there are pundits and white papers. So, I say let's get back to basics and get the fundamentals laid out. What is risk? What are the types of risk? And when is a risk not a risk?
What is a risk?
A risk is when an active (or potentially active) exposure by your organization creates an
Is IT Neglecting Risk?
By Greg MacSweeney, Wall Street & Technology
A survey of more than 200 governance risk and compliance (GRC) professionals, 37.8 percent of whom represent financial services companies, reports that the majority of respondents believe their IT departments aren't meeting the GRC needs of the business. Fifty-five percent of respondents to the survey by the Open Compliance and Ethics Group and GRC solution provider
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