Financial institutions are at risk for an increasing amount and sophistication of cybersecurity breaches and threats. For this reason, the Federal Financial Institutions Examination Council (FFIEC) created a Cybersecurity Assessment Tool to help institutions identify the risks they face and to be sure they are prepared in the event they are faced with one of these events.
Strunk is pleased to announce the addition of this FFIEC Cybersecurity Assessment Tool to its Risk Assessor module. The feature is comprised of both the Inherent Risk Assessment and Maturity Assessment sections. Maturity Assessments are organized into domains: Cyber Risk Management and Oversight, Threat Intelligence and Collaboration, Cybersecurity Controls, External Dependency Management, and Cyber Incident Management and Resilience. Users must score their organizations on each question to determine their overall risk level. The Strunk approach to the assessment streamlines an otherwise cumbersome process so that financial institutions can much more easily complete these assessments and identify their maturity level.
Strunk CEO Dan Roderick says, “The FFIEC CAT is required for all financial institutions annually, so we are very happy to add this feature to Risk Manager at no additional charge to our clients.”
Clients have been using Risk Assessor to complete regulatory required internal risk assessments in days rather than weeks. The solution is preloaded with key risk indicators for BSA, ACH, Fair
Lending, Cybersecurity, Compliance, Asset Quality and much more. Call report data from your institution is automatically uploaded to the program quarterly to substantiate the risk. Concise board reports are easy to read and understand highlighting areas of high risk your bank faces.
Current Risk Assessor clients will receive the FFIEC CAT Tool for no change in their annual fee. Please contact us if you are interested in viewing a demo of the tool.