FFIEC Mobile Services Guidance Review
According a Federal Reserve Board Report, 87% of Americans use a mobile phone.
Of those with a bank account, 43% of mobile users have used mobile banking in the previous year. Within mobile banking, 58% move money between accounts, 48% deposit checks, and 47% conduct Bill Pay.
The Report also sees the growth of mobile banking and payment solutions continuing to rise. Apple Pay, Android Pay, and Samsung Pay have taken on more transactions, with 33% of mobile users saying they have conducted an in-store purchase with their device.
For financial institutions, the strategic value of mobile financial services must be balanced with appropriate risk management. This needs to occur during the strategic planning stages, product selection, and ongoing monitoring of existing solutions. In 2016, the FFIEC released Appendix E: Mobile Financial Services in an update to the Retail Payments Booklet. It brings clear risk identification, measurement, and management expectations to financial institutions. We will discuss the expectations within the FFIEC Retail Payments Booklet.
In addition to the guidance, we will explore applied risk management concepts for mobile banking solutions. Focus will include Mobile Risk Assessments, integration into Information Security Programs, Third Party Risk Management, and effective IT Auditing.
What You Will Learn
- Mobile Financial Services Technologies
- Risk Identification
- Risk Measurement
- Risk Mitigation
- Monitoring and Reporting
Fundamental background information for the Executive team involved in mobile initiatives. ISO, IT Auditor, Risk Officers, Compliance Officers, and IT Management looking to understand or improve current risk management practices around mobile.
Chad Knutson is a Senior Information Security Consultant and serves as President of the SBS CyberSecurity out of Madison, SD. SBS is a leader in information security consulting for the financial industry in the US. SBS works with more than 900 banks around the country on information security services such as the development of Information Security Programs, Policies, and Risk Assessments, along with performing IT Audits, Penetration Tests, Vulnerability Assessment and other security services. Chad is a Certified Information Systems Security Professional (CISSP), Certified Information Systems Auditor (CISA) and Certified in Risk and Information Security Controls (CRISC), and received his Bachelor of Science in Computer Information Systems and his Master of Science in Information Assurance with an emphasis in Banking and Finance Security from Dakota State University. Chad has been with SBS since 2004 and has consulted with many financial institutions during this time.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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