IS Governance Institute Announces Seminars on Operational Risks, Metrics and Ratings on Information Security Governance; Fiduciary Breaches Violate Federal Deposit Insurance

The IS Governance Institute and SourceMedia, publisher of the American Banker and Credit Union Journal, announce a series of seminars and research reports on operational risks and operational loss events on information security, ignored by information technology, that violate regulations required for maintaining federal deposit insurance for 16,000 federally insured financial firms.

Operational loss events per Basel II include fiduciary breaches by boards of directors, external fraud, business disruption and process management.

Failure of Boards to synchronize, measure and rate legal risk tolerances on information security to CAMELS compliance ratings contribute to interconnected fiduciary legal risks. These include:

-- Failure to fully comply with GLBA

-- Failure to prevent and report criminal acts against bank assets to law enforcement and boards of directors through suspicious activity reports.

-- Deceptive disclosures to consumers through misleading privacy and security statements

-- Failure to safeguard information assets from criminal acts that can have a material impact on financial reporting

-- Non-compliance with safe and sound banking regulations required for maintaining federal deposit insurance

-- Deceptive disclosures to investors on adequacy of internal controls per COSO, Sarbanes-Oxley, SEC Rule 13a-15f and NCUA Rules

There will be a free seminar on fiduciary breaches July 24, 2008, 2pm-3pm ET.

Operational Risk Profile Reports on individual firms measure and rate legal risk exposures to the potential termination of federal deposit insurance. The reports are available through the American Banker’s Research Vault.

For additional information visit http://www.americanbanker.com and http://www.isgovernanceinstitute.org

Contact Information

Beckwith B. Miller

Director

IS Governance Institute

Contact via E-mail