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Initiating an analysis project in asset management within a financial or any other institution, it is advisable to understand the goal that is intended to be achieved by considering all categories of assets such as information, services, people and many more aspects. Moreover, the milestones targeted should be clearly stated in relation to the budget and time allocation. First, understanding and correlating the assets with the proper responsibility and methods of protecting them. Secondly, matching those categories of assets against appropriate parties governed by a code of ethics since it is a matter of providing and maintaining security protection. The responsibility of information protection with regards to information assets should be mandated to the information technology and the security staff with policies implemented to govern how the information on services and products will be secured from being irregularly accessed or theft cases. Additionally, integration of a team for carrying out the project related to the analysis, hence assist in completion of the task in due time; six months time.
Categorizing assets is related to the classification analysis of assets that the bank deals with, while on the other hand the critical analysis is based on the determination of assets based on specification of the customer preferences. According to (Federal Deposit Insurance Corporation (FDIC,2011), a customer to any financial institution is protected under the Act on rights to Financial Privacy in relation to access from government’s examination or any other factor, therefore comprehensive analysis of assets and information for protection is a dual project with actualization of classification then critical analysis (FDIC, 2011). More so, the involvement in the project requires two separate groups in expertise, one for analyzing information and another for offering protection. It is also important for the project to be developed in a holistic concept, with identification of risks, assumptions and constraints related to formulation phase.
Classification of assets should be carried out by the internal auditors who will provide information accordingly. Once that is done, the information need to be encrypted according to the specification of the corporate policies, auditing corporation regulation and the consumer demands. This process will require the consumer to be provided with a system that enables them to access their information solely free of hacking or irregularities through standardized protection. Therefore, involving the information technology department and the security team will enable them to brainstorm on the issues of discrepancies with evaluation of regulatory factors required by the FDIC. More so, inclusion of asset management department, will offer categories of data which will be secured for the customers. Lastly, involving a funding body to cater for the project’s budget and any shortage that may occur as the project is underway.
External resources in terms of the project have advantages and limitations too. Advantage of involving them is the atmosphere derived from neutrality of their presence, while on the other edge, the process of this project requires confidentiality which could be propelled by their contractual job creating loopholes in the whole process. Once the project is over, and they are not under the organization’s regulation, irregularities may occur. Based on this perspective the amicable way to deal with the situation is to conduct the project through internal resource on manpower perspective. Another resource such as information protection systems quality, research needs to be carried out to ensure credible technology is integrated in the operation, which is not liable to hacking and theft (FDIC). On another perspective the FDIC monitor the progress of the protection of information, therefore to fuel this process accurately and in quality standards in relation to funding, financial resources for the budget would be obtained from the organization.
Protection of information assets is a vital part of reputation of a financial institution, for failure to do so, will lead to poor reputation and loss of customers due to loss of faith. Communication of the project to the respective stakeholders will ensure, issues are identified and recorded for attention once the implementation initializes. Developing a plan for communicating to the involved parties on timely basis will develop the project success such as ensuring that meeting are held weekly for the team and monthly reporting to the corporate management and the directors, to monitor progress and issues (FDIC)
However, involving the Board of directors enhances their knowledge on the institution’s operations according to the envisioned goal. They should be informed of the initiatives taken since they are involved in financing the project; hence every decision that is made should be communicated effectively to them on regular monthly basis, of the six month period of formulating and implementing the project.
In conclusion, formulating a project for implementation it is appropriate to consider time frame especially where deadlines are vital. In the case of South East Community Bank, developing a project fuelled by the conditions maintained by the auditing corporation will ensure instill for the situation from an aggregate perspective through systematic formulation of a comprehensive project, for service relevancy to the society.
FDIC. (2011). Regulations and Examination of financial institutions. Retrieved May 13, 2011, from Federal Deposit Insurance Corporation Website http://www.fdic.gov/regulations