Internet Banking Policy Update

Product Update Notification

Internet Banking Policy Update - 11/01/05

Bankpolicies.com is proud to announce the immediate availability of our revised Internet Banking Policy Template product.

What's Revised

General - The title of "Systems Administrator" was replaced by "Chief Information Technology Officer" throughout the product.

Topic 2 - Policy Description, Authority and Scope. A new subtopic entitled "Risk Management and Assessment" was added to this policy statement section to briefly address the Bank's risk management efforts discussed in detail in Section 7 of the policy. In addition, some minor changes were made to the "Vendors and Outsourcing" subtopic.

Topic 3 - Definitions. The definitions of Biometrics, Geo Location Software, Internet Protocol Address, Out of Bank Authentication, Password Generating Token, Scratch Card, Shared Secrets, Smart Card, Tokens, and USB Token Device were added.

Topic 6 - Strategic Planning and Feasibility Analysis. The "Service Provider Due Diligence" subtopic was removed to eliminate redundancy, as this subtopic is covered in Topic 2 of the policy (Vendors and Outsourcing).

Topic 7 - Risk Management and Security Assessment. This topic was revised in response to the FFIEC's Guidance "Authentication in an Internet Banking Environment" released on 10/13/05. This guidance describes enhanced authentication methods and what regulators expect banks to use when authenticating the identity of customers using the on-line products and services. Financial institutions are expected to achieve compliance with the guidance no later than year end 2006.

http://www.ffiec.gov/pdf/authentication_guidance.pdf

Subtopics covered in this section are:

General

Specific Risks to Electronic Systems

Internet Banking Risk Management Program

Risk Assessment Guidelines

Risk Management of Authentication Methods

Account Origination and Customer Verification Standards

Internet Banking Deposit Limits

Monitoring and Reporting Standards

Customer Awareness Program

Topic 8 - Internet Banking Introduction. This topic was deleted, and portions of the "General" and "Internet Banking Deposit Limits" subtopics were moved to Section 7 of the product.

Topic 11 - Enrollment Procedures and Documentation. Some slight changes were made to listed procedures, in addition to the requirement that online enrollment requests must adhere to the same customer identification standards as those outlined in a financial institution's CIP, BSA and OFAC policies. A provision was made to describe what customer authentication methods a customer will receive and how they will receive them for Internet banking access (customized by our clients).

Topic 13 - Internet Banking Customer Service Issues. Some slight changes were made to listed procedures, in addition to the requirement that deposit or loan accounts opened online must adhere to the same customer identification standards as those outlined in a financial institution's CIP, BSA and OFAC policies. A provision was made to describe the delivery method of applicable new accounts or lending disclosures (customized by our clients).

Topic 18 - Systems and Programming. A reference was included under the "General" subtopic that the application of patches to an Internet banking system must meet the same requirements contained in a financial institution's Information Systems Security Policy (Patch Management section).

Topic 21 - Audit Requirements and Procedures. An audit oversight responsibility change was made in the "Internal Audit Review" subtopic to correct a grammatical error detected in the previous version of this product.

Includes the following form templates at no extra charge:

Internet Banking Agreement - Business/Consumer - Long (31 pages)*

Internet Banking Agreement - Business/Consumer - Short (7 pages)*

Internet Banking Change Form - (4 pages)*

Website/E-mail Complaint Log - (1 page)

Website Revision Request (1 page)

*Replaces the previous versions of our Internet banking agreements and change forms.

Ordering Information

This revised product is available to purchase from Bankpolicies.com for:

$375.00 - List Price

- or -

$75.00* - Update Price

*Applies only to clients who have purchased our Internet Banking Policy Template, including the purchase of the following prior updates (if applicable):

Internet Banking Policy Template Update - 07/11/05

Internet Banking Policy Template Update - 04/04/05

If you have ordered this product within the past 30 days since 11/01/05 you are eligible to receive the product update at no charge.

Click here to place an order for this product. Clients who are eligible for our Legacy Rewards Volume Discount can apply their applicable discount level to the upgrade or list price (whichever applies).

NOTE: Refer to our Place an Order page for important information regarding payment terms and our return policy. Orders placed for Product Updates are only available directly through Bankpolicies.com.

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