FRB Security & Assurance Program Self-Assessment
Typically, financial institutions use FedLine Advantage, a Federal Reserve Board (FRB) application, to send and receive domestic wire transfers, and to send and receive ACH transactions.
The Federal Reserve Board (FRB) issued an Operating Circular effective June 30, 2021, requiring all institutions which use such services to conduct an annual self-assessment and attestation.
THE ATTESTATION LETTER MUST BE FILED WITH THE FRB BY DECEMBER 31 OF EACH YEAR !
The Operating Circular lists in detail the particulars required for the self-assessment.
FRB Program Assessment Self-Assessment Requirements
The FRB Self-Assessment must include::
- Determine Compliance with all FRB security requirements
- Take all commercially reasonable steps to prevent fraud, unauthorized access/use, or disruption to any FedLine operations
- Calibration with respect to compliance with Policies, Procedures, and Requirements
A Self-Assessment is involved and must include, in detail, each of the elements listed in the Operating Circular. It is designed to provide a determination and assurance that the institution's access to and use of FedLine applications is secure and surrounded by a number of protections to prevent any compromise of systems or data.
Why Engage Us for Self-Assessment Compliance
We have considerable experience in conducting Self-Assessments, with detailed Reporting and workpapers to support the Self-Assessment. The FRB Self-Assessment requirement has become an essential element of an institution's overall IT/Cybersecurity Program, and must be done in a timely manner annually !
Reach Out to Us Today
Let us help you with FRB Self-Assessment compliance. Reach out today for a free consultation !