FFIEC Mobile Services Guidance Review

Mobile banking usage by consumers has become a common process for Americans and an expected offering from a financial institution. Apps for mobile banking have become some of the most widely-used applications, according to Citi's 2018 Mobile Banking Study. Mobile banking usage has increased by over 50% from the previous year's survey. In addition to mobile banking, more and more FinTech solutions are coming to the market for consumers to leverage. All of this creates both opportunity and risk for financial institutions. Mobile Banking, Mobile Payments, and FinTech solutions are top of mind as financial institutions evaluate which mobile financial services are right for their customers.

For financial institutions, the strategic value of mobile financial services must be balanced with appropriate risk management. This needs to occur during the strategic planning stages, product selection, and ongoing monitoring of existing solutions. In 2016, the FFIEC released Appendix E: Mobile Financial Services in an update to the Retail Payments Booklet. It brings clear risk identification, measurement, and management expectations to financial institutions. We will discuss the expectations within the FFIEC Retail Payments Booklet

In addition to the guidance, we will explore applied risk management concepts for mobile banking solutions. Focus will include Mobile Risk Assessments, integration into Information Security Programs, Third Party Risk Management, and effective IT Auditing.

What You Will Learn

  • Mobile Financial Services Technologies
  • Risk Identification
  • Risk Measurement
  • Risk Mitigation
  • Monitoring and Reporting

Who Should Attend?

Fundamental background information for the Executive team involved in mobile initiatives. Information Security Officer, IT Auditor, Risk Officers, Compliance Officers, and IT Management looking to understand or improve current risk management practices around mobile banking.

"One of the best presentations I have seen in my career!  The information was thought out thoroughly and presented perfectly!" -- Kathleen Tarity, VP-ISO, The Bank of Princeton