Overview:

Over the last decade financial institutions have increasingly globalized their IT operations driven by cost savings and availability of skilled human capital. However, globalization is also accompanied by risks associated with people, technology, governance and intellectual property etc. at offshore locations. In addition, concerns associated with customer data privacy mandate these financial institutions to develop and implement security processes that are risk focused, establish robust IT controls and ensure timely resolution of audit deficiencies. Thus adhering to compliance has become an imperative for financial institutions globalizing their IT operations. FFIEC and other regulatory standards enforce companies off shoring to demonstrate due diligence with respect to compliance and subject them to periodic regulatory audits.

We at Zinnov will help you define and implement IT control frameworks based on FFIEC guidelines. Our control frameworks and action roadmaps will help you to mitigate risks and demonstrate compliance adherence to the federal and state mandated regulations.

Methodology:

1. Zinnov will review the existing collaterals and requirements from various industry/compliance bodies.
2. Zinnov will conduct discovery sessions with the stakeholders to review the existing processes and identify the various risks involved in their outsourcing relationships.
3. Zinnov will develop a framework to map the risks and categorize them into buckets of control definition.
4. Zinnov will define a control framework by aggregating best practices from prior client engagements, knowledge base and identify the applicability of IT control set .
5. Zinnov will derive a implementation roadmap by determining timelines for implementation in addition to identifying the role and responsibilities of the stakeholders in the IT control framework Zinnov will also define the change management process which will take into account the benefits of IT control framework implementation.
6. Zinnov will define the test procedures which will help in testing and measuring the IT control framework on a periodic basis.

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Do you wish Zinnov to get in touch with you? Please mail us at info@zinnov.com