FFIEC Announces Statement of Principles on Examination Information Requests | PC Weiner Brodsky Kider
The Federal Financial Institutions Examination Council (FFIEC) has announced that it has completed the final phase of the Examination Modernization Project, a project aimed at improving the effectiveness, efficiency and quality of examination processes in with respect to community financial institutions and to minimize the regulatory burden. The final phase of the project (1) developed and committed to implementing solutions to redundant review information requests, and (2) developed a common authentication system for secure access to member supervision status of the FFIEC.
FFIEC members have identified best practices for financial institution information requests to remove redundant processes. These best practices include: tailoring information requests to risk-based information relevant to the review, allowing sufficient time to respond to information requests, coordinating requests to eliminate redundancy, sending requests through the point regulatory contact point of the financial institution and ensure that the information and requests are clearly formulated in writing.
The FFIEC assessed the burden that authentication requirements for supervisory systems place on its members and developed a common authentication system to remove the requirement for multiple credentials to access regulatory systems. The implementation strategy gives FFIEC members the ability to implement the authentication system as needed, at their own pace, and as resources become available.