Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Morgan Stanley fined $60M
The OCC has announced it assessed a $60 million civil money penalty against Morgan Stanley Bank, N.A., and Morgan Stanley Private Bank, N.A. ("the banks").
The OCC took these actions based on the banks’ failure to exercise proper oversight of the 2016 decommissioning of two Wealth Management business data centers located in the U.S.
Among other things, the OCC found that the banks—
- failed to effectively assess or address risks associated with decommissioning its hardware;
- failed to adequately assess the risk of subcontracting the decommissioning work, including exercising adequate due diligence in selecting a vendor and monitoring its performance; and
- failed to maintain appropriate inventory of customer data stored on the decommissioned hardware devices.
In 2019, the banks experienced similar vendor management control deficiencies in connection with decommissioning other network devices that also stored customer data.
The OCC found the noted deficiencies constitute unsafe or unsound practices and resulted in noncompliance with 12 CFR Part 30, Appendix B, “Interagency Guidelines Establishing Information Security Standards."