At A Glance
Organization: Los Alamos National Bank (LANB)
Industry: Banking – LANB provides full-service banking (including deposit accounts, consumer, safe deposit box rentals; commercial and real estate loans; international services including currency exchange and wires; trust and investment services).
Solution:
- Comprehensive IT FFIEC/COBIT audit
- Vulnerability Testing
- Penetration Testing
- Review of technology department’s services, security, infrastructure and future objectives
Benefits:
- Improved Security — both physical and information
- Continuous Compliance with FFIEC
- Improved Risk Awareness Across the Bank
- Refined Business Processes, Standards and Policies
“The key to our success in any endeavor, whether regulatory requirement or need based, is the importance of finding a partner that understands our needs, collaborates and communicates well the needs and potential solutions to the challenges we are faced with.” Michelle Sturgeon, IT Group of LANB
Los Alamos National Bank (LANB) was established in June 1963 by a group of local investors who saw the need for a convenient, full-service community bank. Now one of the largest and strongest banks in the state of New Mexico, LANB continues to be locally owned and operated by Trinity Capital Corporation (TCC), a one-bank holding company. LANB has 6 locations in Northern New Mexico, provides careers for over 300 banking professionals and current assets over $1.6 billion. In November of 2000, Los Alamos National Bank was the first corporation in New Mexico, as well as the first bank in the nation, to be awarded the Malcolm Baldrige National Quality Award. They are committed to their customers and to those activities that foster a better quality of life in the communities they serve.
“Like all financial institutions, we face ever changing regulatory requirements and pressures.” said Michelle Sturgeon of the LANB IT Group. “…our organization was growing rapidly and the direction and complexity of our technology and services were also changing. In an effort to ensure strong implementation, proper risk management and best practices were in place, it was determined that a knowledgeable 3rd party should be brought in for an objective look at the services, security, infrastructure and future direction of the technology department.” LANB’s goal is to provide individuals with the best financial products available, combined with excellent customer service. Excellent customer service entailed secure banking and ensuring they minimized any risks to their customer’s information. In an information age they needed to find a solution that would help them do this.
The Garland Group (TGG) delivered a comprehensive IT FFIEC/COBIT audit. This included providing LANB with a thorough audit and risk management evaluation to ensure they were following effective information technology (IT) processes. TGG also provided LANB with an overall risk profile of their bank so they could understand how their processes and technologies impact their business operations and implement measures to mitigate risk. TGG has also completed internal vulnerability testing and external penetration testing for LANB.
“The turnaround time has always been satisfactory and we are very happy with the service [TGG] has provided us,” said Sturgeon. The key to our success in any endeavor, whether regulatory or need based, is the importance of finding a partner that understands our needs, then collaborates and communicates those needs and potential solutions to our challenges. TGG is respected by our regulators, industry peers and are constantly up to date on industry trends, developments and solutions.”
The Garland Group used its expertise to deliver improved security – physical and information, business processes, configurations and policies at LANB. Los Alamos National Bank also implemented RiskKey and employs it for their IT Audits to monitor and track supporting documents and create an audit history.
The Garland Group ensured that LANB was compliant with their changing regulatory environment. “…[The Garland Group] has made us better.” said Sturgeon. “Their solutions provided us with the competent advice we needed to maintain our edge in a dynamic regulatory environment. Whether it has been in our approach, awareness or solution implementations, TGG helps us maintain the edge we need to successfully operate in this dynamic environment filled with risks that did not exist a few years ago.”
Los Alamos National Bank has been a client for over five years and continues to use The Garland Group today for their annual third party information technology audits.
Let me begin by introducing myself, I’m Dan Nerada and was very excited to accept a position with The Garland Group earlier this year. I come to The Garland Group with over twenty-five plus years internal bank audit experience. My years in banking consisted in working for one south Texas bank and two banks within the north Dallas area. During my banking years, I spent the entire time as an Internal Audit manager. Needless to say, switching from an internal bank auditor, to an external IT auditor has enlightened me to see both sides of the audit experience.