Pub. 4 2013 Issue 2

summer 2013 17 • Adequacy of the cloud provider’s internal controls – SOC 2 report • Comprehensive service level agreement addressing security, privacy, governance, fees and uptime requirements including the appropriate penalties • Overall corporate culture – is the bank ready Conclusion. Cloud computing can provide a bank with significant opportunities through its flexibility, shorter time frame to implement solutions, lower costs and ease of enter- ing and exiting a solution. However, there are several risks that need to be considered and the appropriate due diligence must be completed. The Bank must ensure that their vendor management program adequately addresses the decision to use cloud computing technology, selection of the appropriate vendor and ongoing monitoring of the performance of the solution and vendor. Q The Correspondent Division of CenterState Bank employs over seventy dedicated correspondent professionals, and we manage over 600 rela Ɵ onships throughout the Southeastern United States. Capital Markets Services Por ƞ olio Strategies Bond Accoun Ɵ ng and Safekeeping BondRisk and SwapRisk So Ō ware Treasury Services x Brokered CDs x Repurchase Agreements x Federal Funds Accommoda Ɵ ons x Deriva Ɵ ve Instruments Asset/Liability Management Modeling and Consul Ɵ ng x Plansmith Bankers GPS - Call Report Model x FICast Sendero - Instrument-Level Model Bond School and Customized Educa Ɵ onal Func Ɵ ons Interna Ɵ onal Services Foreign Wire Transfers S.W.I.F.T. Messaging Foreign Currency and Travelers Checks Foreign Check Clearing Foreign Dra Ō s Foreign Exchange Advisory Services Payment Solu Ɵ ons Cash Management x Converge (On-line Pla ƞ orm) x Sweep Account x Federal Funds Program 120 Club Oaks Court, Suite 150 y Winston-Salem, NC 27104 y 336.659.7100 y 877.604.8282 www.csbcorrespondent.com As our customers and their communi Ɵ es expand and grow, CenterState Bank is commi Ʃ ed to delivering innova Ɵ ve products and services that Include: the marketplace. The bank had done a good job of evaluat- ing the players in the organization and had a formal review/ evaluation process. They started this process by defining the search profile. Next it was determined that external candi- dates were probably going to be more qualified and better suited; however they wanted one internal candidate (an EVP) to be considered in the search process along with ex- ternal candidates. A search was then conducted. The result is that the new CEO has been hired and on board before his successor retires, ensuring a seamless transition with no loss of continuity. The benefits of thoughtful succession planning are many, and they go beyond finding replacements for departing management. It reduces the likelihood of crisis if a key employee leaves and keeps the mission of the bank on track. Perhaps just as importantly, it forces accountability and tal- ent assessment at least once or twice a year. Q Should you require more information or if you are interested in learning more about succession planning, please contact the author, Brian Rhonemus at (248) 650-4800 or via email at brianr@asgteam.com. Chris Joseph is a PLLC Member of Arnett Foster Toothman PLLC, Certified Public Accountants, in the Charleston, West Virginia office. A Certified Public Accountant, Certified Information System Auditor, Certified in Risk and Information Systems Control and Certified Information Technology Professional, Mr. Joseph can be contacted at 800-642-3601 or through email: chris.joseph@afnetwork.com. Q Cloud Computing — continued from page 15