Financial regulators release revised management booklet
ARLINGTON, VA (November 10, 2015) — The Federal Financial Institutions Examination Council (FFIEC) members today issued a revised Management booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook).
The Management booklet, including the examination procedures, has been substantially revised. The booklet outlines the principles of sound governance and, more specifically, information technology (IT) governance. The booklet explains how IT risk management relates to enterprise-wide risk management and goverance.
The updated examination procedures assist examiners in evaluating the following areas:
- IT governance as part of overall governance in financial institutions.
- IT risk management as part of enterprise-wide risk management in financial institutions.
Other relevant changes include:
- Incorporation of cybersecurity concepts as part of information security.
- Incorporation of management-related concepts from other booklets of the IT Handbook.
- Augmentation and further delineation of the stages of the IT risk management process, including risk identification, measurement, mitigation, monitoring, and reporting.
The IT Handbook is available at http://ithandbook.ffiec.gov/it-booklets/management.aspx.
About FFIEC
The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has six voting members: the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the State Liaison Committee. The Council’s activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.
