Real Regulatory Requirements

Client: Victor State Bank

Regulatory IT Challenge:
Victor State Bank in Victor, Iowa faces the same evolving sets of both IT Regulatory Requirements and Information Security Threats as most any other financial institution.  But over the past years, the types of training and education available did not satisfy the bank’s requirements if they were to keep doing their own IT Risk Assessment, IT Policy Authoring and Disaster Recovery Planning in house.  They knew that there had to be a better solution if they were to receive any value from this process.

Locknet:
Victor State Bank elected to hire Locknet™ to perform these services for them. Locknet arrived on site three different times to review the bank’s current assessment and policies, meet with staff and study all relevant assets, risks and controls.  Locknet quickly provided the bank up-to-date policies based on both current best practices and elements that are unique Victor State Bank.  Locknet also provided the bank with a Risk Assessment in a format that earned rave reviews from the bank’s Regulatory Examiner.  What Victor State Bank did not expect was the education that was included in the process. 

“Regulatory Compliance, especially regards to information technology, is a huge undertaking," says Bob Dentel, President.  “In the past we worked diligently to keep up and meet the standards set forth by regulators.  But I am not sure we really had a grasp on everything that was required or why it was requested.  After working with Locknet, we not only have a Risk Assessment and policies that make sense, but we now have a clear understanding of what was done and why.  I truly feel that this was money well spent for both the bank and our customers.”