On January 13, 1999, the Federal Financial Institutions Examination Council (FFIEC) adopted a revised Uniform Rating System for Information Technology (URSIT). The revised URSIT becomes effective April 1, 1999, and was to be used in information technology examinations of all banks and data processing service providers commencing after that date.
The banking agencies originally adopted the URSIT on the recommendation of the FFIEC in 1978. Over the years, the URSIT proved to be an effective internal supervisory tool for evaluating the condition of an institution's or service provider's information technology function. Changes in information technology as well as in the banking agencies' supervisory policies and procedures, prompted a review and revision of the 1978 rating system. In June 1998, a proposed revision to the URSIT was issued for public comment and distributed to examiners for field-testing. The final revised URSIT incorporates the comments received on the proposal and from the field testing.
- ↑ 64 Fed. Reg. 3109 (Jan. 20, 1999).
- Board of Governors of the Federal Reserve System, Div. of Banking Supervision and Regulation, Uniform Rating System for Information Technology (SR Letter 99-08) (Mar. 31, 1999) (full-text).