The FDITECH’s sprint program brings a diverse set of stakeholders (e.g., banks, non-profit organizations, academic institutions, private sector companies, members of the public) together in collaborative settings for a short period of time to intensely focus on challenges of importance to the FDIC. A ‘sprint’ simply refers to a short period of time (typically 2-3 weeks) where teams turn ideas into value. The FDIC will always provide a problem statement and selected teams will devote their collective energy and expertise towards addressing specific challenges. Typically, a tech sprint will culminate with a Demonstration Day where each team shares findings with a panel of evaluating experts.
Over the past decade, the U.S. financial sector has faced a growing number of threats to its information technology systems, operations, people, and facilities. Regardless of whether the threats to financial institutions and their third party service providers are foreign or domestic, intended or unintended, or natural or man-made, preparedness and improved response posture are critical to improving overall sector-wide operational resilience, and maintaining public confidence in and the stability of the U.S. financial system.
The tech sprint is intended to be the first of several tech sprints focused on how to foster 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. 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.
Recognizing the evolving threat environment to bank operations, their need to strengthen resilience, and given the challenges that banks face in identifying criteria to determine their respective levels of tolerance for a disruption, the FDIC seeks solutions that improve sector-wide resilience by helping 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?”
There is no “one size fits all” approach to this problem; therefore, innovations developed for this tech sprint could range from developing findings and research-backed observations on how to more widely implement existing solutions, to designing a framework for helping to understand the problem better, or creating technical solutions that help identify opportunities for new interventions. Participants may focus on any aspect of the problem statement, and as that focus is developed the FDIC encourages consideration of the following:
Registration for the sprint is now closed. The list of participating teams can be found below.
Beginning October 4, participants are working independently on their solutions for a period of approximately three weeks.
On October 22, FDITECH will host a Demonstration Day, inviting teams to make short presentations to a panel of expert judges who will evaluate their solutions. The Demonstration Day may be made open to the public, or have closed and open sessions, or may be observed by invited subject matter experts, stakeholders, and invited guests of the Teams, at the sole discretion of the FDIC.
All solutions presented as part of a Demonstration Day will be made public, and ‘winners’ will be chosen in several categories. Those presentations will be posted on the FDITECH website approximately 2-3 weeks after the Demonstration Day. The FDIC is not offering monetary prizes associated with this tech sprint.
Additional questions about this tech sprint can be sent to innovation@FDIC.gov.
|Data Society||Data Society, Google|
|Tandem||Tandem LLC, CoNetrix LLC|
|GRF Operational Resilience Assessment||Global Resilience Federation, Secure Digital Solutions Inc.|
|PAA||Pyramid Systems Inc., Amazon Web Services, Aretec Inc.|
|Elastico||Amberoon, SouthState Bank, CTBC Bank, Black Diamond Risk, RSM, Google|
|JustProtect||JustProtect Inc., Tutela Solutions LLC|