Paul Reymann, OTS supervision policy analyst, said the guidance is nearing completion and is expected to be ready for release as a regulatory bulletin by mid-October. Subsequently, the guidance will be incorporated in the Thrift Activities Handbook, replacing an existing section 341. Factors such as transaction speed, geographic reach and user anonymity introduce new challenges for risk management controls designed to monitor activities or trends. He noted that thrift institutions are looking intently at the possible opportunities presented by electronic services, including the Internet and the World Wide Web as a means of enhancing their competitiveness. Regardless of the level of sophistication, risks are inherent in all electronic capabilities.
Threats can come from both internal and external sources.
Moreover, thrifts, regardless of size, should have an appropriate information technology plan that establishes the framework for their deployment and operation of technology. Examiner training will commence in mid-November with a pilot program followed by a full training program starting in January 1998. OTS' mission is to ensure the safety and soundness of thrift institutions and to support their role as home mortgage lenders and providers of other community credit and financial services.