Case History: IT Audit for
Financial Services Provider

Wilson Consulting Group (WCG) conducted an audit of the organization’s information security program, including its IT technical infrastructure, security policy and procedures, along with the organization’s application development areas.

Scenario
An industry leading organization that provides state-of-the-art lending and treasury management solutions for financial institutions needed to develop and implement a new information security program for an upcoming federal audit.
The organization delivers the fully integrated lending system designed to process any type of loan, ranging from consumer loans to banking and real estate loans. The organization’s unique single system solution gives clients the advantage in terms of operating costs and ability to manage enterprise-wide data integrity.

WCG Strategies
WCG conducted an audit of the organization’s information security program, including its IT technical infrastructure, security policy and procedures, along with the organization’s application development areas. WCG compiled a report of security risks facing the organization. Within this report, risks were enumerated and calculated as High, Medium, and Low.
WCG completed the following tasks for the organization’s security program:
- Policy Review and Creation:
  Conducted gap analysis on current policies and procedures
  Developed improved policies and procedures
- Incident Management: Developed viable incident management process and program
- Event Correlation and Logging: Developed a viable event correlation and logging process and procedures to satisfy Federal Financial Institutions Examination Council (FFIEFC) audit requirements
- Vulnerability Assessment: Designed and developed a viable vulnerability assessment process and procedures
- Remediation Management: Designed and developed a viable remediation management process and procedures
- Disaster Recovery Plan (DRP):
  Conducted gap analysis of current disaster recovery processs
  Implemented gaps within the DRP to satisfy FFIEC Audit requirements
- Encryption: Designed and developed a viable encryption policy and architecture to satisfy FFIEC audit requirements
The solution also streamlined the ministry’s workflow and processes, making them easier to manage.

The Outcome
WCG helped the organization rectify all risks based on the findings of the vulnerability assessment and gap analysis, and designed and developed improved processes, procedures, and policies. The organization received an improved audit score from the FFIEC.

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