FFIEC SaaS Assessment Saves Time

The Federal Financial Investigations and Examinations Council (FFIEC) published guidelines for financial services companies to assess and manage their cyber risk in mid-2015. Two key components are amenable to automated assessment: (1) the inherent risk of an organization, which derives from its size, position in the market, and type of services, and (2) security controls that have been implemented, which are largely based on NIST principles.

The FFIEC Compliance Module is integrated into CMOM (“SEE-mom”), Cybernance’s secure cybergovernance platform hosted on Amazon Web Services. The FFIEC Module collects data across the organization and displays in a console how well aligned the organization is with FFIEC’s five “domains” of cyber risk management.

The FFIEC Compliance Module is integrated into CMOM (“SEE-mom”), Cybernance’s secure cybergovernance platform hosted on Amazon Web Services. The FFIEC Module collects data across the organization and displays in a console how well aligned the organization is with FFIEC’s five “domains” of cyber risk management.

The FFIEC Module also reveals how internal controls contribute to adherence to the FFIEC guidelines. This comprehensive view helps compliance and audit professionals understand compliance needs and build a roadmap to address the highest priorities. Clicking on a rule reveals details about each control that contributes to compliance, reports its implementation status, and identifies its owner or administrator.