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The FDIC Audit is In! The FDIC Audit is In!

By Dan Hadaway | Tuesday, July 22, 2014 - Leave a Comment

FDIC Audit reveals “familiar” weaknesses

In 2013, the FDIC was audited by the General Accounting Office, an annual practice since 2011, and the results are now in.  If you are an FDIC bank, you may want to file these results in your vendor management program, and maybe perform a risk assessment on them.

What we find interesting about the report is that there are findings from 2011 which have still not been fully mitigated.  We totally understand this phenomenon, and are glad maybe some FDIC examiners will be able to empathize.

Beyond that, according to the report, the cause of the FDIC’s weaknesses stem from the fact that the FDIC did not:

  • fully document and implement information security controls;
  • ensure that employees and contractors received security awareness training;
  • conduct ongoing assessments of security controls for all systems; and
  • remediate agency identified weaknesses in a timely manner.

Sound familiar?

These weaknesses individually or collectively do not constitute either a material weakness or a significant deficiency for financial reporting purposes.  Nevertheless, unless FDIC takes further steps to mitigate these weaknesses, the corporation’s sensitive financial information and resources will remain exposed to unnecessary risk of inadvertent or deliberate misuse, improper modification, unauthorized disclosure, or destruction.

For the actual, report, go here!

Original article by Dan Hadaway.

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