Explore the key elements of an IT Risk Assessment framework defined by the renowned U.S. National Standards Body. Read the blog: https://bit.ly/3RY3nZx

1. How Banks Can
Develop an Effective
Framework for IT and
Cyber Risk
Assessment
ABA Endorsed Solution for Risk and
Compliance Management Software

2. Introduction
Cybersecurity and IT risk management are
critical in today's banking industry. The
increasing reliance on technology has heralded a
new era of ease and efficiency for clients and
improved service accessibility. However, this
digital transformation increases cyber risks and
IT weaknesses.
Banks require a solid IT and cyber risk
assessment framework as guardians of critical
customer data and assets. This article delves
into the framework's essential components while
outlining the features of Predict360 IT Risk
Assessment Software, which streamlines the
cybersecurity risk assessment process.

3. The Need for an IT and Cyber Risk Assessment
Framework
01
03
02
04
Securing Customer
Data
Fortifying Financial
Assets
Maintaining Trust
Through Security
Compliance and
Protection

4. Advanced Elements of IT and Cyber Risk
Assessment Framework
Development of an IT Security Architecture
Understanding the Interconnectivity of IT Systems
Design of Security Solutions for IT Systems and Operations
Authorization (or Denial of Authorization) to Access IT Systems
Implementation of Security Solutions
Modification of Cybersecurity Functions and Processes
Monitoring IT Security Risks

5. Step#3: Ensure
Regulatory Compliance
Steps for Developing an Effective IT and
Cyber Risk Assessment Framework
A specific team or department that can
supervise IT and cyber risk is required for
successful risk management. Such
professionals act as diligent guardians of
the bank's digital assets.
Banks must establish risk appetite and
tolerance, setting IT risk assessment
thresholds aligned with their strategic
goals.
Cybersecurity rules constantly change
with fintech advances. Banks need
proactive IT frameworks to avoid non-
compliance and reputational damage.
Despite technological advances, well-
trained staff are crucial in cybersecurity
because human error can lead to
incidents. This is why continuous
education and training are vital.
Step#1: Establish a Risk
Governance Body
Step#2: Determine Risk
Appetite and Tolerance
Step#4: Provide
Cybersecurity Training

6. Implementation of IT Risk Assessment
Through Predict360 ITRA
With its AI-powered, efficient approach,
Predict360 ITRA revolutionizes bank IT and
cybersecurity risk assessments. It provides
360-degree risk management by offering
banks extensive, configurable tools for
identifying and responding to IT threats. This
customizable solution simplifies risk
evaluations, enabling rapid response and
alignment with the bank's needs and risk
profile.

7. In Conclusion
The procedure for assessing IT and cyber
risk is critical for preserving banks' digital
assets, customer trust, and financial
integrity. It entails identifying and minimizing
risks and implementing appropriate
technological solutions. Predict360 ITRA
offers banks a robust, adaptable strategy to
strengthen security in today's volatile digital
world.