With ongoing cybersecurity threats; increased use of third-party providers; and constantly evolving regulatory and reporting requirements, the role of the information security officer (ISO) is even more important in today’s complex banking environment than ever before. However, community bank and credit union ISOs often struggle to keep up with the growing number of responsibilities this role requires – often forced to manage critical tasks with limited resources and a lack of segregation of duties.
Nicole Rinehart, Chief Operations Officer at American Pride Bank, ran into this very issue as the sole IT admin at American Pride Bank. Managing all of the ISO responsibilities, including critical activities such as Board reporting and the production of comprehensive reports for examiners, was difficult to manage due to the many manual processes required.
During a regulatory examination, an examiner recommended the bank focus on having more independence within its ISO duties. The Federal Financial Institution Examination Council (FFIEC) states that all financial institutions must have separation of duties for the ISO role. To accomplish this, the bank began evaluating solutions to help streamline processes and ensure complete oversight of all information security activities.
After consideration, American Pride Bank decided to partner with Safe Systems and implement its ISOversight virtual ISO solution. The service includes a suite of applications and programs to help institutions streamline management of key compliance duties including the CAT, BCP, Vendor Management and Information Security.
In this case, the bank was already leveraging individual components of ISOversight. By converting to the virtual ISO service, they gained additional tools, reports, and expert compliance support. An important part of the solution includes monthly meetings with the Safe Systems compliance team to assess the bank’s information security activities and provide guidance.
With ISOversight, American Pride Bank has improved its overall preparation and communication of the information security program. All key stakeholders in the bank have access to ISO-related items in real-time, and the information security program is more organized and streamlined, enabling the bank to save time on monitoring and reporting.
“The ISOversight solution has been a game-changer for our bank because now we have a robust process in place working with Safe Systems and a full committee of our team members to ensure all tasks are completed accurately and nothing slips through the cracks,” said Rinehart. “It’s so important to have a process like this, especially when you have limited resources. Safe Systems has truly become an extension of our internal team, helping us to stay on track with ISO responsibilities and ensuring we comply with all regulatory requirements.”
To learn more, read the full case study, “American Pride Bank Streamlines Processes and Improves Compliance Reporting with Safe Systems’ ISOversight Virtual ISO Solution.”