Pub. 9 2019-2020 Issue 1

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S July • August 2019 7 Strategic Support from the Beginning One of the application requirements for a de novo is creating a thorough busi- ness plan to guide the institution’s first three years in operation. Among many things, the business plan must address the bank’s IT strategy, including details regarding its core banking system, inter- nal networks, internet and mobile bank- ing applications, etc. Banks must also include strategies for disaster recovery, incident response, cyber threat intelli- gence, governance, testing and more. Guerrero says InfinityBank countedon its managed services partner for strategic support throughout the application pro- cess, garnering assistance and knowledge that took pressure off its leadership team during this important pre-launch phase. “Turning to a reputable managed services provider eased the application process considerably,” Guerrero says, adding that regulators were impressed with what the bank and its provider had accomplished: “… it wasn’t even a conver - sationwith the regulators. Theymoved on to the next subject.” Once the application process was complete, the bank’s managed services provider implemented the network in- frastructure and IT services that would help Infinity Bank serve as a foundation for local businesses in Orange and Los Angeles counties. Bankers Should be Bankers Infinity Bank leverages managed services from a provider that specializes in the fintech industry, and the services they utilize include network and firewall management, intrusion detection and prevention, email services and service desk support. Guerrero says the ability to focus more on banking and less on IT is always appreciated, but especially crucial when opening a new institution. “Froma service standpoint, it’s pretty exceptional when I don’t have to wor- ry about what’s happening behind the scenes,” Guerrero says. “As a CFO, this gives me great confidence.” The partner also lends the bank a helping hand during audits, making sure Infinity’s IT policies and procedures are updated, and providing the knowledge and assistance that make the audit pro- cess less intrusive. “When we have internal auditors come in, and they do nothing more than confirm what (our provider) is telling us, that’s a comforting feeling,” Guerrero says. “Because if the audit shows some - thing different, then that means we’re going to have to spend more money and time exploring the issue. And that just doesn’t happen.” To readmore about how Infinity Bank doesmanaged services right, read the full case study. n As a product development manager for CSI Managed Services, Sean Martin imple- mented CSI’s managed security monitoring and management service, and actively maintains this system. In his role, Sean identifies and implements solutions designed to maximize security and profitability for financial institutions. Sean speaks regularly on a variety of financial technology issues, ranging from managed services to IT security best practices. Jones & Keller attorneys regularly advise banks and financial institutions. Secured Loan Transactions Mergers and Acquisitions Equity Financing Regulatory Practice & Enforcement Defense Commercial Litigation Cyber Security Bankruptcy, Creditor’s Rights & Foreclosure JONES & KELLER, P.C. | 1999 BROADWAY, SUITE 3150 | DENVER, COLORADO 80202 P: (303) 573-1600 | F: (303) 573-8133 | WWW.JONESKELLER.COM Kristin S. Godfrey Kerri P. Assell Ryan M. Behrman Christopher R. Johnson