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FFIEC Updates Information Systems Guidance

WASHINGTON - The Federal Financial Institutions Examination Council, of which NCUA is a part, has published updated guidance on the development, acquisition, and maintenance of information systems for financial institutions. The Development and Acquisition booklet offers guidance on project risks and management techniques. It targets financial institution examiners, financial institutions,...

By Staff Writer | Updated on June 08, 2004

WASHINGTON – The Federal Financial Institutions Examination Council, of which NCUA is a part, has published updated guidance on the development, acquisition, and maintenance of information systems for financial institutions. The Development and Acquisition booklet offers guidance on project risks and management techniques. It targets financial institution examiners, financial institutions, and technology providers. The booklet also stresses the use of standardized policies, detailed plans, and well-structured project management techniques when directing activities and controlling risks. “Effective development and acquisition should result in sound information systems which provide specific functionality, consistent reliability, and strong security,” an FFIEC notice read. The revised booklet is the latest effort to modernize the 1996 FFIEC Information Systems Examination Handbook. They are available at www.ffiec.gov/guides.htm. The FFIEC was established in 1979 to create examination uniformity among NCUA, the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the Office of Thrift Supervision. Five representatives from state supervisory agencies serve on an advisory committee for the FFIEC.

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