Broward Bank of Commerce (BBOC), a Broward County-based de novo bank, partnered with InfoSight, Inc., a leading provider of business consulting and IT solutions, including security, compliance, and managed services to the financial industry. On February 12, 2009, BBOC successfully opened its doors for business with InfoSight's suite of solutions fully implemented.
In light of increased scrutiny on the part of bank regulators, fewer de novo bank charters are being approved. In addition essential FDIC Regulatory approval continues to be challenging to obtain. To ensure 100% compliance with applicable regulatory and compliance frameworks, BBOC has partnered with InfoSight, a consulting and managed security company with more than 10 years of experience serving financial institutions. InfoSight has worked with BBOC to minimize risk exposure and provide the highest levels of security assurance and IT regulatory compliance.
As a result, BBOC is one of the latest banks nationwide to receive approval before the FDIC "clamp down" announcement on Monday, January 12, 2009. In fact, BBOC is the last institution in Florida to receive full FDIC approval.
To prepare the bank for regulatory scrutiny, InfoSight consulted with bank management on the design and implementation of the bank's Red Flag/Identity Theft Program, their Business Continuity Plan, and their Information Security Program and Policies. Additionally other solutions that InfoSight continues to provide the bank include Managed Security, Content Management, Email Encryption, Compliance Reporting, IP Telephony, and a host of other integrated Managed IT Services.
BBOC chose InfoSight based in part on referrals from banks who have successfully partnered with InfoSight, as well as evaluations of competing solution providers. Senior bank management chose InfoSight over other vendors based on InfoSight's comprehensive business model, breadth of solutions, depth of experience, and in-depth understanding of the technical and regulatory challenges specific to the banking and finance industries.
"I sought a solutions provider that, based on my years in the industry, would best fit the individual needs of our bank," said Keith Costello, president and CEO at Broward Bank of Commerce. "InfoSight carefully considered the distinct and specific needs of our bank, including our projections for growth, and tailored specific technology solutions to meet those needs, as well as compliance with regulatory requirements."
InfoSight provides mission-critical network infrastructure; IT risk assessment services including vulnerability assessments and penetration testing; security and infrastructure monitoring services and privacy protection and policy enforcement services; as well as compliance assurance programs to organizations of all sizes.
"I've known InfoSight's core team for years," said Kimberly Scarlett, BBOC's senior vice president and director of operations. "I was completely confident in InfoSight's ability to assist us with our technology infrastructure and successfully guide us through regulatory compliance."
"We know regulators are watching de novo banks with a closer eye," said Tom Garcia, president and CEO at InfoSight. "Financial institutions are increasingly looking to InfoSight to help them navigate the complexity of security solutions for their applications, as well as IT regulatory compliance."
While de novo banks can hire personnel skilled in operations, compliance, or information technology, it's difficult to find one person (let alone a team) who is qualified in all of those areas; this is why InfoSight is a viable and essential solution for any bank facing similar challenges.