FDIC Compliance Checklist

At iDENTIFY, our expertise in Unifying Bank Data is unparalleled. We bring this vision to our clients every day, whether creating uniform schema in our clients' Snowflake accounts for seamless data transfer, guiding banks in migrating their data cores to Snowflake, or creating comprehensive reporting for faster-to-market solutions. As your partners, we work with you to unify your data, encouraging the project to meet compliance demands. But what happens when the FDIC comes knocking on the door? Let's explore how we, as your trusted partners at iDENTIFY, assist our clients in creating an FDIC Compliance Checklist.

Project Plan

Without structure in projects, it's evident that the entire project will fall apart. While our project managers are exceptional at keeping everything together and ensuring we hit our goals, what is the bind that holds everything together? Queue in: project plan.

A universal term for most technology industries, a project plan is a blueprint of the goals, objectives, and tasks a team needs to accomplish for a specific project. While some companies vote for an internal task management system to monitor the project plan, the benefits include complete internal data and security control. Nonetheless, established project management systems such as Jira have already been created and tested and are systems that we can also leverage for our project plan.

Aside from the project management systems, let's take a look at the specifications of a compliant project plan:

• Compliance Objectives: Clearly stated objectives that are in line with legal regulations.
• Timeline: A thorough plan that guarantees all benchmarks are reached within the allotted time.
• Resource Allocation: Assigning skilled workers and IT assets to oversee the project effectively.
• Risk assessment: Identifying possible risks and putting risk mitigation plans in place.

Design Requirements

After the project plan, we dive deeper into our tech stack. At this stage, each component of the project plan is meticulously examined, from the software in use to the server and systems administration duties. This essential process of our FDIC Compliance Checklist is critical during a demand letter. Each component in the project plan is examined for the following:

• Data Security: Implementation of robust security measures to protect sensitive information.
• Data Accessibility: Ensuring data is readily accessible to authorized personnel while maintaining confidentiality.
• Auditability: Designing systems that allow for easy tracking and auditing of data-related activities.
• Scalability: Creating a flexible infrastructure that can grow with your organization while maintaining compliance.

Test Plan / Results

After meticulously examining the components in our project plan, it's always essential to test each step for its desired result. Documentation of testing logs is captured in this step. Some items that are tested are as follows:

• Testing Scope: Specifying the limits and range of testing operations, encompassing functionality, security, and performance.
• Test Cases: To ensure your infrastructure functions properly in all circumstances, we create precise test cases that mirror real-world situations.
• Results: Closely examining test findings to pinpoint any problems or non-compliance areas.
• Remediation: Before continuing, any gaps found must be filled by putting corrective measures into place.

Monthly Healthy Reports

A one-off audit won't fly with the FDIC. After implementing these practices, the next step is to consider the infrastructure's health report and put a timeline for our findings. Monthly health reports are delivered to stakeholders to ensure the project meets compliance demands. Some items in these reports are as follows:

• Performance Metrics: Monitoring key performance indicators (KPIs) to ensure everything runs as efficiently as possible.
• Compliance Status: Keeping stakeholders informed regularly about any changes to regulatory requirements and your compliance status.
• Issue Tracking: Record any problems and the actions taken to fix them.
• Recommendations: Make proactive suggestions to improve the efficiency and compliance of your infrastructure.

RAID Logs

RAID logs stand for Risk, Actions, Issues, and Decisions. These overarching documents are outlined and denoted in their definitions. We theorize items such as risk, flaws in the stack, and the recourse to fix items. Additional information on each part of the RAID Logs are as follows:

• Risks: Recognizing and recording possible threats to your compliance standing.
• Actions: Monitor the steps taken to reduce risks and fix problems.
• Issues: Record any problems with compliance and the actions taken to fix them.
• Decisions: Document significant choices made during the project and ensure they adhere to compliance specifications.

Conclusion

Any bank or financial organization must maintain FDIC compliance. iDENTIFY has the knowledge and procedures to ensure that your data infrastructure complies with regulations immediately. By concentrating on these five essential areas, we assist you in staying ahead of regulatory standards and upholding your clients' trust.

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