For many community banks and credit unions, keeping up with the ever-changing regulatory requirements and expectations can be a challenge, especially during the summer months when employees are taking time off to enjoy the warm weather and travel for summer vacations. The Federal Deposit Insurance Corporation (FDIC) actually encourages mandatory vacation time for bank employees of all levels. However, this can be a challenging time for many community institutions that have a small staff and rely on key individuals to make sure all activities related to technology, compliance and regulatory requirements are completed. So, what happens when the person(s) responsible for these crucial aspects of the institution goes on vacation?
Many financial institutions are turning to IT and security service providers to act as an extension of their organization and help augment internal technology and compliance resources. The right third-party solution provider can serve as a true partner and work alongside current staff to manage the technology, compliance and regulatory aspects of the institution. When the technology or compliance staff is out or unavailable, outsourcing select business processes helps fill the personnel gap and provide added stability for the institution and peace of mind to all.
A service provider can help automate and manage many of the administrative functions that normally fall to the technology or compliance department, making it less daunting for employees to take time away from the office. These service providers can automate technology functions that are required to stay vigilant with compliance and security procedures, such as patch management and reporting, vulnerability remediation, proactive network monitoring and issue resolution, vendor management, business continuity planning, cybersecurity, and compliance-focused documentation and reporting.
The right service provider should offer your financial institution full support for the demands of today’s technology, compliance and regulatory requirements. At Safe Systems we understand the complexity of community bank and credit union operations and the associated regulatory expectations. With more than 20 years of service in the financial industry, working with more than 600 institutions, and actively managing 20,000+ devices, Safe Systems has gained a unique perspective on what is important to financial institutions and to the regulators that oversee them. We want to provide you with assurance that your institution is functioning securely and is in compliance with industry regulations at all times; but, especially when your institution’s key technology or compliance personnel are out of the office.