Understanding FedLine Assessments
With cybersecurity threats continuing to increase and evolve for financial institutions, the Federal Reserve Banks implemented a Security and Resiliency Assurance Program (Assurance Program) to help combat these cyber risks. As noted in the Federal Reserve’s Cybersecurity and Financial System Resilience Report, this program requires banks and credit unions to conduct and submit a yearly compliance assessment with FedLine security requirements. The purpose of the Assurance Program1 includes the following:
- Help mitigate risk – Reduce fraudulent transaction threats and encourage C-suite awareness of gaps or control deficiencies within a financial institution.
- Help strengthen risk management – Focus on helping facilitate secure and flexible end-point environments.
- Help bolster confidence – Demonstrate controls are in place and being monitored to protect customers and payment systems alike.
- Help boost an organization’s safeguards against cyberattacks – Encourage advance planning to address critical risks and refine remediation plans for noncompliance and areas needing improvement.
In the first quarter of each year, financial institutions will receive attestation materials for the 2024 calendar year, with a deadline of December 31 to complete the program. Navigating the complexities of a FedLine assessment can be challenging, so consider planning early to stay a step ahead.
How Forvis Mazars Can Help
The IT Risk & Compliance team at Forvis Mazars meets the assessment qualifications as directed by the Federal Reserve. Our team has provided FedLine Assessments since 2021, utilizing the FedLine® Solutions Security and Resilience Assurance Program, FedLine® Advantage Security and Control Procedures (v1.0, or later), FedLine® Command Security and Control Procedures (v1.0, or later), and FedLine® Web Security and Control Procedures (v1.0, or later) to help financial institutions evaluate stated controls and provide a final report for the end-user authorization contacts (EUAC) to complete their year-end attestation requirement.
Whether your financial institution is completing the self-assessment or is required by the Federal Reserve to have an independent party complete the assessment, our experienced IT Risk & Compliance professionals at Forvis Mazars can help you comply with the FedLine assessment requirement. We can offer assistance with an evaluation and report of your financial institution’s current controls in place for FedLine security requirements and provide management with a list of controls to help develop a remediation plan to address deficiencies.
If you have questions or need assistance, please reach out to a professional at Forvis Mazars.
- 1FedLine Solutions Security and Resiliency Assurance Program Resource Center, frbservices.org.