What you need to know about the FFIECs Mobile Financial Services Guidance

Duration: 60 Minutes
Financial institutions have suffered a long battle of protecting mobile payments and services when they cannot protect the device the information transmits from. Customers who use mobile financial services don't always take precautions to protect the device, leaving the payment and banking information vulnerable. Additionally, regulators found that some institutions were not employing strong security protocols, leaving payment and account information vulnerable and the institution open to significant risk.
FFIECs Mobile Financial Services
Instructor: Rayleen M. Pirnie
Product ID: 501667
In April 2016, the FFIEC revised their IT Examination Handbook for Retail Payment Systems with the introduction of the new Appendix E: Mobile Financial Services. The guidance provides standards for financial institutions offering mobile financial services, and standards for assessments. Internal auditors should be revising their audit scope based on this new guidance; the guidance may also require significant changes to your existing security program. Financial institutions offering mobile financial services should expect their next electronic banking &/or information security audit to include a risk management review of how effectively you measure, mitigate, and monitor the risks involved and ensure appropriate staff are familiar with the technologies that enable mobile financial services.

Objectives of the Presentation
  • Review components of Appendix E
  • Define critical mobile financial services risk management components and terms
  • Isolate areas where financial institutions can expect challenges
  • Effectively managing Third-Parties (aka Solution Providers) to ensure guidance is met
  • Discover resources for more information
Why Should you Attend
This webinar will provide sound business practices for financial institutions and solution providers offering mobile financial services. The focus is to understand regulatory expectations and isolate solutions to help manage risk.

Areas Covered
  • Mobile financial services risk
  • Analyze Appendix E: Mobile Financial Services
  • Define mobile financial services and key components of risk mitigation including multifactor authentication
  • The seven objectives of the Mobile Financial Services' [Audit] Work-Program to identify your institution's inherent mobile financial services risks measured against the adequacy of your internal and/or third-party controls
  • Challenges to meeting guidance expectations
  • Industry expert recommendations
Who will Benefit
  • Solution providers offering mobile banking / payment products to financial institutions
  • Electronic banking personnel
  • Information technology personnel
  • Information security personnel
  • Auditors
  • Compliance staff
  • Risk management personnel
  • Executive management
$300
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Instructor Profile:
Rayleen is the founder and owner of RP Payments Risk Consulting Services, LLC. based in Missouri. She is a nationally recognized payments risk and fraud expert who offers specialized consulting services, procedural and risk management reviews, and payments education. Rayleen's specialized skill is delving into the world beyond the payment rules; areas where organizations often find themselves in positions of liability or loss with little to no clear guidance. She is an Accredited ACH Professional (AAP) who has worked with all payment systems for nearly 20 years, and a Certified Enterprise Risk Professional (CERP). Rayleen also holds a Bachelor of Science in Criminal Justice Administration.

Her favorite pastimes include gardening with her grandson and reading. She is very active with children's advocacy services in the state of MO and has 4 rescued dogs.
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