URSIT Analysis – A Six Part Whitepaper Series - NETBankAudit

URSIT Analysis – A Six Part Whitepaper Series

January 15, 2021

URSIT Introduction and Overview

URSIT is an acronym for the “Uniform Rating System for Information Technology” and was established in 1978 and later revised in 1999. On March 6, 2019, the FFIEC published a policy statement rescinding the 1993 Policy Statement on the Uniform Core Report of Examination (ROE) and issued a standard princpal-based approach for all examination reports issued by the FRB, FDIC, OCC, NCUA, CFPB, and state authorities. While advances in technology were stated as a reason for the rescission, no specific guidance was issued by the FFIEC regarding IT evaluations in the ROE going forward.

Relying on frequent formal and informal communication with the respective regulatory entities, NETBankAudit has ascertained that the ROE’s have revitalized the somewhat dormant URSIT format established on January 20, 1999 (Federal Register Volume 64, Number 12). This analysis also includes a canvassing of clients from March to present (65 IT/Cybersecurity audits and assessments performed at financial institutions located in 19 states and regulated by the FRB, FDIC, OCC, or NCUA).

Six Part Series of PDF Whitepapers by our President, David Hart in regards to URSIT. Click on the link below to open the whitepaper(s).

URSIT – NETBankAudit Whitepaper

URSIT – NETBankAudit Whitepaper

First Citizens National Bank selected NETBankAudit to provide audit services for Information Technology Systems in early 2005. Since that time, we have added cybersecurity, digital banking, and network penetration testing. NETBankAudit is not only our auditor, but our partner in developing new digital strategies, policies and procedures. When we are implementing anything digital, NETBankAudit is a resource we use to ensure we have covered all aspects of risk management.

Judy Long, President and COO
First Citizens National Bank, Dyersburg, TN
OCC Regulated, $2 billion in total assets

We have been doing business with NETBankAudit since 2018 and their team of professionals have been amazing to work with. They are experienced, objective, and responsive in performing our audit. Plus, they have been readily available to assist us with any issues during regulatory exams.

Robin Harris, Vice President
Carolina Bank, Lamar, SC
$579 million total assets, 15 branches, FDIC regulated

“Everyone in the bank was phenomenally pleased with NETBankAudit. They were there to help, to be part of the team, and were not there to play “gotcha.’ We were pleased with their overall approach.”

Diana Murray, VP, CRCM, CBAP, Compliance and Project Analyst, Longview Greggton
Austin Bank, Texas National Association, Jacksonville, TX
$2.1 billion , in total assets, 34 locations, OCC regulated

Auditors have been very knowledgeable and able to relate to Credit Unions vs. Banks. They have a clear structure in their process and follow agreed delivery timelines for draft and final reports. They ensure all recommendations are supported by a source regulation or best practices that is relevant to Credit Unions. We have had a very good experience with NETBankAudit and our Supervisory Committee appreciates the final reporting format (easy to follow and readable for volunteers).

James Wheeler, VP - Chief Risk and Information Officer
First Financial Federal Credit Union of Maryland in Sparks Glencoe, MD
$1.2 Billion in assets, 8 Branches, NCUA regulated

Mike Young was great to work with - He involved the Audit Department effectively throughout the engagement; Discussions were not at a high-tech level with us or with the Audit Committee, so we felt comfortable talking with him and asking questions; Even though the engagement was performed remotely due to COVID, video conferences were employed so we were able to see faces and interact in a way that provided a more personalized experience. We look forward to working with him in person next year.

Robert Clark, Internal Audit Manager
Resource Bank Covington, LA
Assets: $933M, 11 branches FDIC Regulated