Technology Risk and Regulatory Compliance: Impact During COVID-19

When COVID-19 hit, the resilience of financial institution’s Technology Risk functions were put to a test. Cybersecurity controls and processes were revisited or implemented for the first time to accommodate working from home, and to ensure compliance with regulatory requirements. This white paper chronicles our IT Regulatory Risk Working Group’s (TRWG) extensive nine-month effort of banks to adapt and cope with the impact on different areas of technology risk, from remote information access to voice recording compliance and insider threats.