The Federal Deposit Insurance Corporation (FDIC) has selected six teams to participate in the tech sprint that challenges participants to identify solutions that can be used by institutions of all sizes to measure and test their operational resilience to major disruptions. The sprint is designed to explore new technologies and techniques to determine how well community banks, and the banking sector as a whole, can withstand a major disruption of any type. The FDITECH, which is the tech lab of FDIC, had launched registration for this tech sprint titled "From Hurricanes to Ransomware: Measuring Resilience in the Banking World," on August 30, 2021.
FDITECH will host a "Demonstration Day" on October 22, 2021, inviting these teams to make short presentations to a panel of expert judges who will evaluate their solutions for creativity, effectiveness/impact, and market readiness. All submissions will be made public and winners will be chosen in several categories. FDITECH has selected the following teams to develop innovative solutions to measure and test operational resilience of banks:
|Data Society||Data Society,Google|
|Tandem||Tandem LLC,CoNetrix LLC|
|GRF Operational Resilience Assessment||Global Resilience Federation,Secure Digital Solutions Inc.|
|PAA||Pyramid Systems Inc.,Amazon Web Services,Aretec Inc.|
|Elastico||Amberoon,SouthState Bank,CTBC Bank,Black Diamond Risk,RSM,Google|
|JustProtect||JustProtect Inc,Tutela Solutions LLC|
As per FDITECH, innovations developed for this tech sprint could range from developing findings and research-backed observations on how to more widely implement existing solutions, to designing a framework for helping to understand the problem better, or creating technical solutions that help identify opportunities for new interventions. Participants may focus on any aspect of the problem statement and, as that focus is developed, FDIC encourages consideration of the following:
- Does the solution identify new or unique data or measures that provide deeper insights into the impact of a disruption on all aspects of the bank’s activities, including, but not limited to: safety and soundness, core business services, market integrity, their customers, communications, and health and safety?
- Does the solution develop a consistent set of operational resilience measures and data that define normal and abnormal operating conditions?
- How might community banks, the largest financial institutions, and third-party service providers partner to collectively determine and test the solution, particularly in a way that provides community banks with better capabilities to take more ownership of their resilience planning?
- What would a technical implementation of the measures and data look like, and how might it be implemented sector-wide?
- Is the solution cost-effective and scalable to any size financial institution, including community banks, does it create value for other business applications, and can it be easily implemented and understood by non-technical staff?
Keywords: Americas, US, Banking, Techsprint, Community Banks, FDITech, Tech Sprint, Operational Resilience, FDIC
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