Information technology audits and examinations are unavoidable for banks, and other financial institutions. The data they retain and their importance to our economic infrastructure requires frequent inspection to ensure they are stable and secure.
The leadership of some banks and financial institutions are often unware of the risks of an examination or the occurrence of other threats – a cyberattack, for instance. Sometimes, they think they’re already secure and prepared for an exam. Others aren’t sure where they stand. When an examiner walks through the door, they’re going to expect answers.
If you’ve partnered with a managed service provider (MSP) experienced in banking and the financial industry, you should be able to turn to them for answers. How can you be sure you’ve partnered with an MSP that can help?
- Are you going to show up for an audit? Will your MSP be there when you most need them to answer questions from those examining your IT infrastructure, controls and policies?
- Are you going to help us prepare for it? What is their procedure for planning for an audit, and how do they ensure you have all the information you need?
- What does your audit preparation look like? Do they have experience with past audits? Can they give you a detailed explanation of the work they will perform to prepare for an audit?
- What controls are you going to implement? What will your controls protect and how will they safeguard your organization and help you pass an audit or examination?
- How do you communicate risk to your client? What is their response when they encounter risks on your network? Do they communicate it to you quickly and clearly?
- What are the cost structure for remediation? How much will you have to pay if your systems need to be upgraded or replaced to meet baseline compliance standards?
- Is remediation included? What’s the process for remediation and what’s that look like? Will they remediate your systems free of charge if you fail an audit? Can they clearly tell you how they will remediate your bank or financial company’s information technology systems?
- If you find an incorrect policy, what’s your process to correct that? What methods do they use to implement best practices? Do they offer user training?
These are all important questions to ask your IT provider (or potential provider) before an audit or exam. Afterward is too late. The costs of remediation will increase if you wait to remediate IT issues after you’ve failed the audit.
We work to ensure your systems are ready for a white-glove inspection. When you face an audit as one of our managed IT services clients, we guide you through thorough preparation so you can confidently answer questions an auditor might pose. Those you can’t, we’ll be there to answer.
We view our relationships with clients as partnerships. We help them accomplish their business goals through the use of technology without the hassle of managing it themselves or the cost of hiring internal IT staff. For more information on how Network Technologies provides superior IT service to our clients, you can contact us online or by phone at 913-538-7700.