Occ bulletin 2008 10

Occ bulletin 2008 10

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The OCC Bulletin 2008-16, which was recently published, warned financial institutions about the dangers of vulnerable software and suggested measures they should take to minimize risk and protect their sensitive data. Historically, banks have lacked an accurate and cost-effective way to assess software security. Manual inspection by contractors, internal teams using source code tools, or trusting software vendors to test their own code have been the only options for security testing. None of these methods scale to cover entire application portfolios (as the OCC requires), and they may add considerable time and expense to projects.
This whitepaper explains how organisations can solve these limitations by adopting five best practices for securing their applications. The whitepaper also includes advice on how to:

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Annual investment evaluations are one of the most useful resources bank fiduciaries have to ensure they fulfill their fiduciary obligations and properly manage their customers’ accounts, in addition to being a regulatory necessity. An annual investment analysis is a snapshot of your account’s assets and goals at a specific point in time. Management monitoring, information systems, and follow-up are all essential components of a successful investment evaluation process, regardless of the tools used by a specific organization. Policies and procedures that provide clear criteria for scope, documentation, and exception reporting and monitoring should be the foundation of a successful investment review process. The procedure should include the following steps: / p>
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Include exception monitoring, which recognizes and tracks exceptions such as securities not on “authorized” or “retention” lists, assets with possible conflicts of interest, or asset concentrations, and allows for follow-up and resolution.
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A good investment evaluation process requires excellent monitoring systems. An efficient monitoring system should notify management when things such as investment reviews are due, identify reviews that are past due, and have reasonable time frames for corrective action. The bank should have a system in place for monitoring and escalating issues/exceptions to the required levels of management or committee. Exceptions should be duly handled, and corrective steps taken as soon as possible. Administrators and portfolio managers can only issue exemptions based on explicitly specified criteria. / p>

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The Office of the Comptroller of the Currency (OCC) is a separate bureau within the United States Department of the Treasury that was created by the National Currency Act of 1863 and is responsible for chartering, regulating, and supervising all national banks and thrift institutions, as well as federally licensed branches and agencies of foreign banks operating in the United States.

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14–15 in [2] Blake Paulson, the acting Comptroller of the Currency, took office on January 14, 2021.
It has four district offices in New York City, Chicago, Dallas, and Denver, and is headquartered in Washington, D.C. It also has 92 other operational sites throughout the United States. The Comptroller of the Currency is an autonomous bureau of the United States Department of the Treasury who is appointed by the President with the Senate’s consent to a five-year term.
In order to protect the credibility of the federal banking system, the OCC participates in interagency activities. The OCC will decide if a bank is operating safely and soundly, offering equal access and service to customers, and complying with all relevant laws and regulations by tracking resources, asset quality, management, profits, liquidity, exposure to market risk, information technology, consumer enforcement, and community reinvestment. The OCC was established by Abraham Lincoln to finance the American Civil War, but it was later turned into a regulatory agency tasked with instilling trust in the federal banking system, ensuring that it works safely and reasonably, and that consumers are treated fairly.

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“We have questions about the consistency of risk management in banks’ third-party relationships, both international and domestic,” said Comptroller of the Currency Thomas J. Curry. “This guidance provides banks with more detailed instructions to ensure that these relationships and operations are performed safely and securely.”
Financial agreements between the bank and another person, whether by contract or otherwise, are referred to as third-party relationships. The use of third parties does not relieve the board and management of their duty to ensure that the operation follows safe and sound banking standards and adheres to relevant laws.
When entering into third-party partnerships, banks face new or enhanced financial, compliance, credibility, competitive, and credit risks, according to the guidance. The OCC urges banks to use risk management processes that are proportional to the level of risk and complexity of their third-party relationships, and expects more thorough supervision and management of third-party relationships that include sensitive bank activities. In order to control the risks associated with third-party relationships, banks should:

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