The Federal Deposit Insurance Corporation (FDIC) is currently accepting applications for participation in its tech sprint “to identify and develop measures, data, and other capabilities to understand how resilient banks are to major disruptions,” the agency announced this week.
The tech sprint is meant to be the first of many focused on fostering stronger operational resiliency in banking.
“The focus of this initial resilience sprint is to identify existing and proposed measures, data, tools, or other capabilities upon which a greater understanding of a bank’s true resilience to any hazard may be understood,” the FDIC’s Tech Lab (FDITECH) website says.
“These tools could also be used to help banks and their partners build and deliver stronger and more resilient operations. There are tremendous opportunities in leveraging emerging technologies to mitigate resilience risk in the market.”
Amid the evolving threat environment facing banks, FDITECH is asking organizations to answer the question: “What would be the most helpful set of measures, data, tools, or other capabilities for financial institutions, particularly community banks, to use to determine and to test their operational resilience against a disruption?”
Interested applicants are invited to answer the question, and FDITECH will invite a select number of organizations to participate in the tech sprint and develop their proposed solutions.
Finalists will attend an initial meeting and then present their solutions at “Demo Day” to a panel of expert judges. Team submissions will be made public, and winners will be selected in several categories. There will not be any monetary prizes.
Organizations interested in participating in the tech sprint can apply by Sept. 12 at 5 p.m. ET.
