The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation providing deposit insurance to depositors in U.S. commercial banks and savings institutions.
To comply with FDIC, organizations must:
- Implement Internal Control Over Financial Data: This involves ensuring that only authorized individuals have access to the financial systems and data.
- Apply Corporate Responsibility for Financial Data: Top management must certify the security and accuracy of the institution’s financial data. This includes managing the access rights of these individuals.
- Use Audit Committees: FDIC-insured institutions must have a qualified and independent audit committee. This involves overseeing the institution’s auditors and enhancing the independence of outside auditors.
- Maintain a Record of Audit and Non-Audit Services: Organizations must keep detailed records of the services provided by their auditors, ensuring that non-audit services do not compromise the auditors’ independence.
- Provide Training to all employees about FDIC and how it applies to the organization’s financial practices: As part of this training, employees should be educated about their responsibilities in terms of access control and the potential consequences of non-compliance.