GLBA IT Compliance

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Question:

Is there an annual IT certification the board must make for Graham Leach Bliley compliance?

Answer:

There is a requirement for an annual report on information security.

12 CFR 30, Appendix B, "Guidelines Establishing Standards for Safeguarding Customer Information." The program must:

Be approved and overseen by the Board of directors
Be adjusted, as appropriate, for changes in the bank’s (or servicer’s) processing environment or systems.
Include an annual report to the board (or committee) describing the overall status of the program and bank’s compliance with the Guidelines.

First published on BankersOnline.com 12/05/05