| By Jim Bruene on August 15, 2006 11:42 AM | Comments (0) |
Today, the Federal Financial Institutions Examination Council (FFIEC) issued a 7-page list of questions and answers about its October 12, 2005, bestseller, Authentication in an Internet Banking Environment.
The main thing you need to know about the new document is what it does NOT say, that the year-end deadline has been extended (see Timing, Q1, p. 4, reprinted below). However, the answer does appear to provide a bit of wiggle room, saying that banks must "implement risk mitigation activities by year-end 2006." I'm sure many creative interpretations of the precise meaning of that phrase will surface.
Q-1- What do the Agencies expect institutions to have accomplished by year-end 2006?
A-1- The Agencies expect that institutions will complete the risk assessment and will implement risk-mitigation activities by year-end 2006. The Agencies are not considering any general extension of the timing associated with this guidance.
Good luck to all.
--JB
Most Recent Posts:
- Mobile Remote Deposit Capture by the Numbers (thanks USAA) - Jul 20, 2010
- Can Banking Income Woes Be Fixed with a $5.95 Fee? - Jul 17, 2010
- Only 2 Days Left to Save $300 on Your FinovateFall Ticket - Jul 14, 2010
Leave a comment