On February 15, 2019, the American Bankers Association (ABA), BITS — the technology policy division of the Bank Policy Institute (BPI) — the Futures Industry Association (FIA), Institute of International Bankers (IIB) and the Institute of International Finance responded to an inquiry from the National Association of Insurance Commissioner’s (NAIC) IT Examination Working Group. The letter provides a background on the rationale for the creation of the Profile, and answers the following three questions posed by the NAIC:
- What is your view of the best way the Assessment Tool should be incorporated into the financial exam regulatory review?
- For insurers and trade groups, will your organizations be considering use of the tool?
- As draft guidance is developed, are there any specific items that you wish for the Drafting Group to consider?