CSI has released its new robust IT Governance Services, which is available within its Advisory Services offering. Coupled with CSI’s Compliance & Risk Management Services, IT Governance Services combines domain expertise with leading compliance technology. The result is a holistic approach to managing critical IT and security issues, which helps minimize the risks of non-compliance penalties for financial institutions.
Spending among institutions is growing globally, with institutions allocating significant sums toward meeting compliance requirements, strengthening IT security and investing in new technology, according to research from Celent.
In addition, CSI’s own Banking Priorities Executive Report identified that respondents ranked employee turnover (34%) and regulatory change (27%) as the most significant issues bankers expect will affect the financial industry in 2023.
“For many financial institutions, hiring or retaining in-house staff to tackle information technology and security in an increasingly threatening cybersecurity landscape just isn’t feasible,” said David Culbertson, CEO and president of CSI.
“Viewing IT and cybersecurity issues as strictly technical problems, rather than business problems often entails throwing money at more technology that doesn’t resolve the issues. The more effective approach is to follow trusted advice from experts that are constantly assessing risk and are deeply familiar with increasing regulatory expectations,” Culbertson continued.
CSI houses an expert team of seasoned IT strategists as well as dedicated technology resources that provide a comprehensive and cost-effective approach to information security (IS). To combat the complex and growing cybersecurity landscape, CSI’s IT Governance Services uses a risk-based approach to address critical IT, security and compliance issues while providing support for navigating regulatory exams or audits.
“We have maintained a partnership with CSI since we opened our doors in 2000 and added managed services several years ago,” said Michelle Kuhn, SVP and division head of Cornerstone National Bank & Trust Company in Palatine, IL.
“Our bank felt that enhanced guidance from the CSI IT Governance team would allow us to focus more time and attention on day-to-day banking instead of creating our own system from scratch. CSI’s expertise and assistance have enabled us to operate and grow without concern of breaches in our IT governance compliance,” Kuhn added.
CSI’s IT Governance Services include a platform that gives executives direct access to extensive summaries, dashboards and various assessments—including the Ransomware Self-Assessment Tool (RSAT), Cybersecurity Assessment Toolkit, PII Assessment and Firewall Rule Review—that allow them to better prepare for upcoming cybersecurity audits and exams.
Institutions can also leverage user access reporting—including tracking new or terminated employees, permission changes and privileged access reports—to satisfy regulatory requirements.
“We needed an IT governance partner that has experts in the industry on hand to help us meet compliance requirements and navigate the evolving IT landscape while achieving our goal of protecting employees and customers,” said Justina Roth, chief operations officer at Farmers & Merchants Bank in Milford, NE.
“Having a relationship with CSI as our core provider made us confident in expanding our partnership to include IT governance services, and we will continue to rely on their team’s abilities to guide us through the ever-changing banking landscape,” Roth concluded.
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