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Financial institutions today are under increasing pressure from the consuming public and the regulators to increase their preparedness for adverse events at the same time that earning pressures are throttling investments. Cornerstone Advisors brings knowledge of the best practices available and the expectations of the regulators to help you get the best value for your investments in areas such as information security and business continuity.
- Proven Experience - The Cornerstone team has real life experience working with federal regulators and external auditors in preparing for and responding to IT examinations and real life security events in the mid-size banking market. Cornerstone brings knowledge of the best practices in IT governance into focus with the specialized needs of the banking industry such as GLBA and anti-phishing to custom tailor a program for your institution that manages risk in the most cost effective manner.
- Industry Knowledge - Cornerstone is thoroughly familiar with the expectations of the regulators as regards IT governance in the key areas that most affect financial institutions today. Cornerstone starts with a deep understanding of the expectations of the Federal Financial Institution Examination Council (FFIEC) in the areas of information security and business continuity. Based on experience working with the regulators in actual exams, Cornerstone brings to the table best practices that can quickly help you focus your investment and, most importantly, your staff time by working on those tasks that the regulators care most about. While the average financial institution does not have the resources to keep up with the fast paced areas of information security and IT governance in general, Cornerstone brings our knowledge of the technology infrastructure at our client institutions to assist you in assessing your Disaster Recovery Plan and Information Security Plan.
- More Compliance for Fewer Dollars - Financial institutions typically spend 10% – 15% of their operating budgets on technology every year. We are hearing over and over from our client base that investments for strengthening the business continuity program and information security program at their institutions are '"must do's". This leaves fewer and fewer dollars to invest in the IT technology in other areas that can give your institution competitive advantage over your peers. Cornerstone helps you prioritize your dollars spent on risk management and gives you informed opinions as to the expenditures that most concern regulators and your internal and external stakeholders. Combined with industry knowledge as to the products available and product pricing, Cornerstone helps you understand when it is okay to say NO to a request to enhance your security umbrella or your Business Continuity Plan.
- Assessing Risk - In risk management, there is an expectation that a financial institution is continually assessing risk. While the majority of institutions take that charge seriously, handicaps exist as to the ability to do that internally on a consistent basis. Threats are constantly changing as well as the expectations of the regulators and the desires and concerns of our customers. Properly trained and certified business continuity and information security personnel are getting harder and harder to find and retain in mid-size financial institutions. Cornerstone assists you in assessing the current risk at your institution by starting with a reasonably priced assessment of your current information security or disaster recovery program, giving your internal staff a leg up on maintaining a best practices Risk Management program at your institution.
If you have a need for Risk Management Services in the areas of Information Security, Prevention from Identity Theft, Business Continuity or IT Disaster Recovery Planning, please contact us and we will be happy to customize a proposal for your needs. Here are some of the offerings we receive frequent inquiries about:
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