IS Governance Institute Announces Seminars on Operational Risks, Metrics and Ratings on Information Security Governance; Fiduciary Breaches Violate Federal Deposit Insurance

    NASHVILLE, Tenn., July 17 /EMWNews/ -- The IS Governance Institute

and SourceMedia, publisher of the American Banker and Credit Union Journal,

announce a series of seminars and research reports on operational risks and

operational loss events on information security, ignored by information

technology, that violate regulations required for maintaining federal

deposit insurance for 16,000 federally insured financial firms.



    Operational loss events per Basel II include fiduciary breaches by

boards of directors, external fraud, business disruption and process

management.



    Failure of Boards to synchronize, measure and rate legal risk

tolerances on information security to CAMELS compliance ratings contribute

to interconnected fiduciary legal risks. These include:



    -- Failure to fully comply with GLBA



    -- Failure to prevent and report criminal acts against bank assets to

law enforcement and boards of directors through suspicious activity

reports.



    -- Deceptive disclosures to consumers through misleading privacy and

security statements



    -- Failure to safeguard information assets from criminal acts that can

have a material impact on financial reporting



    -- Non-compliance with safe and sound banking regulations required for

maintaining federal deposit insurance



    -- Deceptive disclosures to investors on adequacy of internal controls

per COSO, Sarbanes-Oxley, SEC Rule 13a-15f and NCUA Rules



    There will be a free seminar on fiduciary breaches July 24, 2008,

2pm-3pm ET.



    Operational Risk Profile Reports on individual firms measure and rate

legal risk exposures to the potential termination of federal deposit

insurance. The reports are available through the American Banker's Research

Vault.



    For additional information visit http://www.americanbanker.com and

http://www.isgovernanceinstitute.org






    Press Release Contact Information:

    Beckwith B. Miller

    Director

    IS Governance Institute

    239-777-4638

    [email protected]

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