Cybersecurity & Other Risks: OCC Outlines Key Examination Areas For 2016

On December 16, 2015, the Office of the Comptroller of the Currency (OCC) issued its semiannual risk assessments for federally chartered financial institutions (the "OCC Report"). According to the Comptroller: "Strategic, underwriting, cybersecurity, compliance, and interest rate risks remain the OCC's top supervisory concerns."¹ In each of these key compliance areas, the OCC report outlines the areas where the regulator expects heightened examination focus for the coming year. This client alert provides a high-level overview of the OCC's concerns, as well key risk management strategies that federally chartered banks can pursue to reduce their risk of adverse examination findings or supervisory actions.