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Restating Financial Results
In August 2020, the Federal Reserve Bank announced the FedLine Solutions Security and Resiliency Assurance Program. As part of this new program, financial institutions that use the FedLine Solutions must have an annual security assessment and attest it has been completed.
The assessment is meant to analyze the institution’s security posture relative to the security requirements applicable to the FedLine Solutions. Most commonly, there are four FedLine Solutions used by the majority of financial institutions, which includes:
Financial institutions have until Dec. 31, 2021, to complete the program, have its first assessment performed and attest its completion to the Federal Reserve Bank. Going forward, financial institutions will be expected to complete the program on an annual basis.
With the December 2021 deadline approaching, now is the time to have your security assessment completed if you haven’t already.
Although the assessment is not required to be completed by an independent third-party, it is the preferred method by many financial institutions desiring peace of mind and a good reference point, should they want to complete this assessment in-house next year.
Need help meeting this year’s deadline? Contact the IT advisors at Doeren Mayhew to get a quote. With extensive industry knowledge and experience, we understand the compliance requirements of the program to deliver an accurate assessment of your institution’s security posture and give the Federal Reserve Bank the confidence it desires in your system.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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