We are pleased to announce a "call for participation" for two new FSTC projects. Each has a committed core group of member institutions and vendors who solicit further participation from fellow members: 1. FSTC e-Authentication Initiative: Business and Technology Proof-of-Concept 2. Business Continuity: Compliance and Status Reporting Project ____________________ 1. FSTC e-Authentication Initiative: Business and Technology Proof-of-Concept Prospectus: http://fstc.org/projects/new.cfm#eauth This 5-month project will assess the viability of the potential business opportunity that exists for financial institutions to leverage their online customer relationships and provide an authentication service to government agencies, and to integrate these services into their own online applications. FSTC, jointly with the GSA's E-Authentication Initiative Project Management Office (EAI PMO), propose to launch a three-track project to ascertain the business model, legal framework, and technical viability of using FIs' identity credentials to permit consumers and businesses to access secure online government applications. The GSA is funding the business track of the initiative. There is no cost to financial institutions, and a $5,000 fee for associate members. In addition, a resource commitment is required for all participants, as outlined in the prospectus. Participation commitments are requested by Sept 24th, and the target kickoff is the week of October 4th. An informational conference call has been scheduled for: Wednesday Sept 15th, 2pm EDT 512-225-3050, 71782# __________________ 2. Business Continuity: Compliance and Status Reporting Project Prospectus: http://fstc.org/projects/new.cfm#compliance The FSTC Business Continuity Standing Committee proposes an initiative to assist the financial industry in coming to a common understanding on the meaning of continuity regulation, prioritization of compliance related activities, and creating efficiencies in documenting regulatory compliance status. To establish a clear understanding of the regulatory environment, a list of continuity related guidance will be pulled together along with the name of the agency responsible. Each regulation will be reviewed and a clearly worded summary of the continuity requirements will be developed. Where possible the regulatory agencies will be contacted for clarification on specific points. Common themes and requirements will be documented and prioritized.
From this list of common themes and prioritized requirements a questionnaire will be developed which will allow a FI to provide or collect continuity compliance status. The project will focus on providing straight forward interpretations of what is needed for an FI to comply with current regulations.
The final product will provide: . A comprehensive list of all current regulatory guidance related to business continuity, an overview of the requirements of the key components and the agency that produced it. . Prioritized summary of the key continuity requirements that FIs must address and the timing for implementing them. . Standardized questionnaire that FIs can utilize to collect or provide status of compliance with continuity regulatory requirements. . An ongoing forum for discussion on regulatory direction and for sharing feedback/experiences other FIs have had with regulators. . A documented process that can be utilized to allow FSTC and its members to maintain the regulatory summary and questionnaire. Project Fees: --------------- Financial Institutions: $15,000 Assets over $100 billion (including affiliates) $12,000 Assets from $50 billion to $99 billion (including affiliates) $9,000 Assets from $20 billion to $49 billion (including affiliates) $3,300 Assets under $19 billion (including affiliates) Technology Companies: $15,000 Revenue/funding over $100 million (including affiliates) $12,000 Revenue/funding from $50 million to $99 million (including affiliates) $9,000 Revenue/funding from $20 million to $49 million (including affiliates) $3,300 Revenue/funding under $19 million (including affiliates) ---------------------------------------------------------------- To subscribe or unsubscribe from this elist use the subscription manager: <http://ls.fstc.org/subscriber> --- end forwarded text -- ----------------- R. A. Hettinga <mailto: rah@ibuc.com> The Internet Bearer Underwriting Corporation <http://www.ibuc.com/> 44 Farquhar Street, Boston, MA 02131 USA "... however it may deserve respect for its usefulness and antiquity, [predicting the end of the world] has not been found agreeable to experience." -- Edward Gibbon, 'Decline and Fall of the Roman Empire'