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GAO Finds Unresolved Issues with Federal Reserve Security Controls

Site: audits.ga.gov

A recent audit found the Federal Reserve Systems’ information systems to be deficient, citing issues from both 2011 and previous years, FierceGovernment IT reports.

The Government Accountability Office issued a report on its audit Wednesday and made recommendations for how the Fed can proceed in addressing the ongoing security control issues.

GAO said that despite the Fed’s efforts to address system problems from previous years, additional actions are needed to fully address open information system recommendations from prior audits.

The Federal Reserve Information Technology Computing Centers maintain Fed’s main financial networks and processes Fed transactions.

GAO said deficiencies were minimized through the banks’ physical security equipments that monitor use and system activity.

The system also compensates management and reconciles control, flagging possible schedule of federal debt misstatements.

Although the cited issues would not be classified as a material weakness or significant deficiency, GAO said it is still crucial to follow through on necessary corrections.

In March, the Fed began to use Twitter in order to be more transparent, featuring news releases, balance sheets and termination of enforcement actions.

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