Let’s break down the benefits of combining FedLine and SWIFT CSP
- FedLine Security Controls – is an Assurance Program that has become the standard security practice outlined by the Federal Reserve Banks to control and avert risks in the changing virtual landscape, and currently services more than 10,000 organizations across the United States.
- SWIFT CSP – is a Customer Security Programme (CSP) that aims to drive transparency and improve the security posture across the global financial community. The SWIFT community consists of over 11,000 institutions worldwide.
We recognize that each of these products is different – but both are electronic banking (e-banking) channels with similar controls.
At Elevate, one of the main qualities we preach is efficiency and process improvement. As the development of standards continues to become more stringent, we noticed an increased overlap between controls for both FedLine and SWIFT CSP.
We like to describe the overlap like a Venn diagram, where there is a circle on the left for FedLine requirements, a circle on the right for SWIFT requirements, and the overlapping, duplicative efforts in the middle.
Through our conversations with our clients, we observed many perform their SWIFT assessment at one point of the year, and then shortly after, conduct their FedLine assessment (or vice versa)– duplicating efforts on steps such as User Access Reviews (UARs) and training compliance audits. Additionally, about 90% of the time, the personnel involved in the assessments and interviews are coincidentally the same for both SWIFT CSP and FedLine.
Recognizing such patterns, Elevate created a unified approach that reduces the duplication of efforts and created a streamlined process that optimizes efficiency and reduces your bottom line.
Interested in how you can combine your FedLine Security Controls and SWIFT CSP? Reach out and we can discuss the proper plan of action for your organization!