FFIEC IT Examination Handbook MGT-I.B.3: I.B.3 Project Management (Management)

What does MGT-I.B.3 require?

Management runs a project management process, formal in proportion to operational complexity, for acquisitions, development, conversions, enhancements, infrastructure upgrades and maintenance, balancing time, money and expertise against priority, risk and requirements and monitoring projects closely, with oversight by experienced project managers, standardised practices, senior management support and review of significant projects, an institution-wide project risk assessment methodology, approval processes, requirements agreed with stakeholders for each phase, target dates and timely status updates, performance tracking against requirements, a defined change management process with approvals, sufficient testing and the further elements the booklet lists.