Transcription of RISK ASSESSMENTRISKASSESSMENT Risk …
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RISK ASSESSMENTRISKASSESSMENT Risk …
The buzzword these days in the creditunion industry is risk assessment . The main focus on risk assessmentmost recently is in four highly visibleareas: Bank Secrecy Act, InformationSecurity Programs, Disaster Recoveryand Business Continuity Planning, andAuditors alike are asking Have youperformed a BSA risk assessment ? Where's your IT risk assessment ?Have you documented your riskanalysis of member information?Third-party vendors? OFAC?Disaster Recovery plan? Businessresumption plan? Where do we start?Let's start by defining risk. TheNational Institute of Standards andTechnology (NIST) in its publicationdefines risk as the net negative impactof the exercise of a vulnerability,considering both the probability andthe impact of occurrence.
Page 3Page3 Continuedfrompage2 Member Information Risk Assessment As part of each credit union's information security program, NCUA Regulation748requirescreditunionsto
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