FSI’s banking products are in the news.
As an innovator of quality data processing, item processing, and online products for the banking industry, Financial Services, Inc. often finds itself in the news. That’s to be expected; when you stand out, the spotlight generally falls on you. If you’d like to see what the company has been up to, or how some of our products have captured the imaginations of our clients and the press, just click on a headline…
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FSI UNDER A MAGNIFYING GLASS |
| GLEN ROCK, N.J., September 23, 2003 -- In May, 2002 FSI embarked on an effort to insure that our processes, operations and applications complied with the requirements of the Gramm-Leach-Bliley Act, or, GLBA. As we all know, GLBA requires that all financial institutions and their service providers do what is necessary to protect against the conscious or accidental misuse of non-public customer information. In an era where identity theft can cause significant financial distress for its victims, protecting the privacy of customer information is one of today’s most significant compliance issues. In order to effectively manage a project that would impact every department in the company, FSI appointed a dedicated project manager and embarked on a process that had three objectives: 1. Conduct departmental risk assessments to identify the processes and applications where the risk was considered unacceptable; 2. Construct a project plan designed to mitigate those risks as quickly and as effectively as possible; and 3. Execute and complete the plan by July 3, 2003. Identifying and meeting these objectives resulted in a project plan containing 178 discrete tasks and involving over 50 people across the firm. Indeed, it is fair to say that virtually every FSI employee has been touched by this project in one way or another. Thanks to the hard work and due diligence of all of the personnel involved, we have effectively met our goal. In April 2003 we engaged Brintech, a well known consulting company specializing in the banking sector, to audit both our project plan and our project performance. Brintech arrived at the following conclusion: "Overall, Brintech observes FSI has taken effective measures to limit risk in its operating environment. Documentation is up to date and thorough and all individuals interviewed during the course of the review are aware of their job responsibilities in regard to privacy and security requirements and the company’s stated policies. Brintech observes that Financial Services, Inc. has a well-defined risk assessment, risk rating and management methodology. Currently, FSI’s Security Officer and a Project Manager oversee GLBA requirements on a daily basis. All significant risk elements appear to have been identified and are under management.” |
