Business technology a safety soundness perspective
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Business & Technology A safety & soundness perspective. Information Meetings September / October 2004 . Business & Technology. Technology is a tool Business is the key New communication channels Use of Email Use of Internet Money Transmission - EFT, ATM, Bill Pay etc

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Business & Technology A safety & soundness perspective

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Business technology a safety soundness perspective

Business & TechnologyA safety & soundness perspective

Information Meetings

September / October 2004


Business technology

Business & Technology

  • Technology is a tool

  • Business is the key

  • New communication channels

    • Use of Email

    • Use of Internet

  • Money Transmission - EFT, ATM, Bill Pay etc

  • Reporting ‚Äď Call reports , Annual Returns etc


Credit union it systems

Credit Union IT Systems

Provide:

  • Data and transaction processing

  • Reports and audits

  • Business planning

  • Data storage


Credit union it systems1

Credit Union IT Systems

  • What about access to data and data protection?

  • What about operational procedures?

  • What about controls?

  • What about oversight?

  • What about responsibility and accountability?


Safety soundness in credit unions

Safety & Soundnessin Credit Unions

  • Responsibility to serve the membership properly

    • Must operate within the law

    • Protect the business from unnecessary risk

    • Protect and enhance reputations

    • Develop a sound business ethos


Safety soundness in credit unions1

Safety & Soundnessin Credit Unions

Essential to consider in terms of

  • Existing systems & operations

  • New services offering


Safety soundness in credit unions2

Safety & Soundnessin Credit Unions

Questionnaire & Results

  • Password Security - Users are not accountable

    • Users share passwords

    • Users cannot change their own passwords

  • Deletion of Data

    • Auditing of cancellations, amendments and deletions needs improvement

    • Electronic data recovery should always be possible

  • Electronic reporting

    • Users unable to extract reports electronically

    • Critical reports cannot be reproduced


Safety soundness in credit unions3

Safety & Soundnessin Credit Unions

Questionnaire & Results

  • Dormant and Deceased Accounts

    • Better management required, system controlling

  • Money Laundering

    • Report on values exceeding specified limits within a period

  • General

    • Low level of appreciation for system security in credit unions


Safety soundness in credit unions4

Safety & Soundness in Credit Unions

Risks

  • Poor or no clear accountability

  • System weaknesses or perceptions of weakness can lead to fraud or loss

  • Poor procedures and controls in credit unions can lead to fraud or loss


Safety soundness in credit unions5

Safety & Soundness in Credit Unions

Next Steps

  • Awareness, appreciation, buy-in

  • Set and improve standards

    • Improve data access security and auditing capability

    • Credit union procedures enforcement

    • Implement best practice in operations

    • Board and management oversight is necessary

    • Active supervision is essential

  • Manage the risks better


Safety soundness in credit unions6

Safety & Soundness in Credit Unions

Feedback & Discussion


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