Information security is extremely important in business. This is particularly true for financial institutions.
It is crucial that they have a rigorous and efficient evaluation process to rely on as evidence that they meet the compliance requirements they are subject to.
A solid understanding of the applicable standards and frameworks in each situation is essential to satisfy these often complex requirements. The expertise of specialists is invaluable to make sure that such a compliance exercise is carried out correctly.
An exercise requiring know-how
Our IT compliance and audit team recently assisted a financial institution in carrying out all of the activities required to attest to their compliance with Interac Corp.’s security rules.
This was a very complex engagement, as Interac has established a wide range of security rules, ranging from general rules to those that are specific to situations and transactions.
For example, different rules apply depending on whether we are dealing with a debit card issuer or a terminal or ATM operator and the type of transactions that are accepted: direct payment, flash payment or terminal withdrawals.
For each set of rules, it is important to understand which components apply to the client’s situation. This requires in-depth knowledge of Interac’s regulatory framework. Our team of experts has developed this knowledge.
We had to provide an attestation to Interac that the required IT control measures exist and were applied.
In the case at hand, we also proposed methods to our client that would better structure the process for documenting evidence of the controls. These enhancements will make it much easier to perform the annual Interac compliance program attestation.
Additionally, we ensured that all of the required controls are always properly performed by determining the responsibility for such controls within the organization’s various teams. This ensures that information is collected on an ongoing basis, even when there are staff changes, and that knowledge of the control processes within the organization is shared.
Thanks to our structured approach, it was possible to:
- Present a complete compliance file, in accordance with Interac’s requirements;
- Submit the report within the stated deadline;
- Maximize efficiency in preparing the report;
- Standardize the supporting documentation.
Secure practices for all industries
Regardless of its industry or size and the complexity of its compliance exercise, any organization must be able to rely on well-designed IT processes and controls.
We can help you evaluate your IT environment in accordance with the applicable frames of reference for your situation to provide you with the assurance that it does not comprise significant risks, in particular in terms of security processes and controls. Should weaknesses be detected, we present recommendations to address the issues, based on a cost-benefit assessment to prioritize actions taken.
Our experts are specialized in evaluating compliance with PCI-DSS standards and conducting control attest engagements relating to special reports using recognized audit standards (CSAE 3416, SSAE18 SOC 1 and 2, CSAE 3000 and 3001).
03 May 2019 | Written by :