The Federal Financial Institutions Examination Council (FFIEC) is a formal U.S. government interagency body that is empowered to prescribe uniform principles, standards and report forms to promote uniformity in the supervision of financial institutions. It is composed of five banking regulators, which includes the Federal Reserve Board of Governors (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB). FFIEC regulations also oversees real estate appraisals in the United States. The FFEIC has made cybersecurity a priority issue in an attempt to help make banks less vulnerable and more resilient to cyberattacks. To that end, they released the FFIEC Cybersecurity Assessment Tool, designed to allow organizations to complete cybersecurity self-assessments that may also be used by regulators during audits and examinations.
Vendor Risk and FFIEC
Would you like to learn more about FFIEC? Check out our blog, "Does Your Vendor Risk Management Comply with FFIEC Updates?"