More About Our Automated FedLine Assurance Assessment Tool
In October 2020, the Federal Reserve Bank announced a new Security and Resiliency Assurance Program that’s applicable to all organizations using a FedLine Solutions product. As a result, FedLine users are now required to complete an annual attestation that their organization complies with the Federal Reserve’s security standards. The next deadline is 12/31/22.
For most users, this is a tedious and time-consuming process. In response to this, WolfPAC created an affordable and easy-to-use tool that reduces the time FIs spend to complete this program from days to hours. It also dramatically improves their reporting capabilities.
What is a “FedLine Solution”?
More than 100,000 users in nearly 10,000 organizations leverage FedLine Solutions for the delivery of payment and information services. Products include FedLine
These solutions provide organizations with direct access to Federal Reserve Bank Services critical payment and information services and applications. FedLine Solutions use state-of-the-art technology to facilitate the reliable, highly secure clearing of payments and exchange of related information for organizations and their business and consumer customers.
What is the Security and Resiliency Assurance Program and Why is it Important?
The Assurance Program was developed in response to an evolving security threat landscape. It was created to improve client organization security postures and reduce the risk of control breakdown or fraudulent payments being sent through FedLine systems. Other benefits include:
- Promote executive-level awareness of any gaps or control deficiencies and increase institution’s awareness against cyber-attacks and foster discussions and planning to address key risks
- Enhance an institution’s risk management and resiliency focus
- Develop timely remediation plans for any non-compliance or deficiencies
What Action do FedLine Solution Users Need to Take?
FedLine users are now required to complete an annual attestation that their organization complies with the Federal Reserve’s security standards. The next deadline is 12/31/22.
This process includes:
- Completing an assessment,
- Develop a remediation plan, and
- Submitting proof of compliance with the security requirements to the Federal Reserve.
Why do FedLine Users Need Help?
For many users, this means self-assessing and attesting to compliance with dozens of controls. This is a tedious and time-consuming process for many of our customers that can take days to complete.
Why is WolfPAC a Fit?
Our new automated FedLine Assurance Assessment tool is the perfect way to streamline the attestation process. WolfPAC customers love it because it drastically reduces their time to complete this process (typically from days to hours) and improves their reporting capabilities.
What our Solution Offers:
- Operating Circular 5: Sets terms and conditions for intuitions that may access, send or receive certain data from Reserve Bank by means of electronic access.
- Certification Practice Statements (CPS): Outlines roles and responsibilities, defines process by which certificate is issued and steps to be followed if certificate is compromised.
- Password Practice Statement: Ensures that certain security procedures and guidelines as referenced in Operating Circular 5 are followed by the institution.
- Assessment: Control assessment for each FedLine Solution being used by your institution.
- Corrective Action Plan: Document and remediate control gaps.
Does your organization have a plan in place? WolfPAC can help!
Want to learn more about how WolfPAC can make your life easier by streamlining your compliance process? Contact us to speak with one of our risk management experts today.