Should financial institutions participate in transaction testing efforts coordinated by industry trade associations and other organizations?
A.4. The FFIEC encourages financial institutions to participate in testing efforts coordinated by industry trade associations and other organizations. These testing efforts may provide an opportunity to conduct end-to-end testing of mission-critical transactions with other financial institutions and material third parties in a more cost-effective manner than could be achieved on an individual basis. Q.5. Should financial institutions hire outside auditors or consultants to verify their testing processes? A.5. Financial institution management may use qualified independent internal parties or external parties to verify the testing process. If the financial institution lacks internal expertise, management should use other qualified professionals, such as management consultants or CPA firms, to provide an independent review. Verification of the testing process should involve the project manager, the owner or user of the system tested, and an objective independent party such as an auditor,
