A financial institution gets the upper hand on regulatory requirements and IT security

Challenge

Bank management sought a comprehensive independent assessment of its IT internal controls.

Approach

BerryDunn advisors:

• Met with management to define the appropriate review scope and project management guidelines
• Performed procedures to assess the effectiveness of existing safeguards and to identify opportunities to improve systems management practices
• Prepared a report with risk-ranked findings and recommendations that considered the bank’s operations and strategies to help ensure our recommendations were reasonable and achievable
• Presented our findings to the board and provided insights into current trends in security controls and regulatory requirements in the industry

Outcomes

After implementing our recommendations, bank management felt well positioned to exceed regulatory requirements and address IT risks.