RiskWatch, Inc. announced today that it has released a new software program called RiskWatch for Banks and Financial Institutions.
This new decision support software assists financial institutions in conducting the IT security risk assessments required by a myriad of bank regulators in an easy-to-use program.
For a fraction of the cost of doing manual assessments, RiskWatch walks the user through the process of defining assets, assessing threat and vulnerability links, including recommendation of mitigating solutions by Return On Investment. Government regulations such as the Gramm Leach Bliley Act (GLBA), FFIEC (Federal Financial Institutions Examination Council) Framework for IT Risk Analysis, the identify theft regulation SB 1386, the Payment Card Industry (PCI) Data Security Standard and the new Bank Secrecy Act form the backbone of the assessment process, which measures compliance with specific requirements.
RiskWatch has incorporated these regulations into a true enterprise risk assessment software program, which features a robust analysis engine that creates web-based surveys, does the analysis of the risk elements and creates fully automated reports, which include recommendations for Return On Investment of mitigating safeguards, a full analysis of cumulative loss expectancy and evaluation of solutions based on their cumulative loss reduction potential.