Many financial firms only review technology when something breaks.
By then, the issue may already be causing downtime, emergency costs, security gaps, or productivity loss.
Quarterly technology reviews help firms take a proactive approach. Instead of reacting to problems, firms can identify risks early, plan improvements, and make smarter technology decisions throughout the year.
What Is a Quarterly Technology Review?
A quarterly technology review is a scheduled check of your firm’s IT systems, cybersecurity, hardware, software, backups, and user access.
For financial firms, this review is important because reliable technology supports client service, data protection, productivity, and daily operations.
These reviews also help firms stay aligned with broader technology risk guidance, such as the FFIEC IT Handbook and FDIC supervision and examination resources.
What Should Be Reviewed?
Every quarter, firms should review key areas such as:
- Hardware health
- Security alerts
- Backup status
- Microsoft 365 security
- Software licensing
- User accounts
- Administrative access
- Device performance
These checks help uncover issues before they become expensive disruptions.
A strong review should also consider cybersecurity best practices, including guidance from the NIST Cybersecurity Framework.
Why Quarterly Reviews Matter
Quarterly technology reviews help financial firms reduce risk and improve planning.
They can help your firm:
- Replace aging equipment before failure
- Reduce downtime
- Improve cybersecurity
- Control software costs
- Confirm backups are working
- Review employee access
- Plan technology upgrades
- Improve productivity
Regular reviews also make budgeting easier. Instead of making rushed purchases during an emergency, your firm can plan ahead for updates, replacements, and security improvements.
For firms that work with outside technology providers, reviewing vendor risk management requirements can also help confirm that third-party support is being managed properly.
Key Questions to Ask
A strong quarterly review should answer:
- Are backups working?
- Are all systems updated?
- Who has administrative access?
- Are employees using MFA?
- Are there aging devices?
- Are software licenses being used?
- Are there security risks to address?
These questions help your firm stay organized, secure, and prepared.
Why Microsoft 365 Should Be Reviewed Regularly
Many financial firms rely on Microsoft 365 for email, files, calendars, and client communication. Because it contains important business data, it should be reviewed often
A quarterly review should check MFA, user permissions, shared files, inactive accounts, and security settings. This helps reduce risk and protect sensitive information.
Final Thoughts
Quarterly technology reviews save financial firms time and money by preventing avoidable problems.
They help reduce downtime, improve cybersecurity, control costs, and support better IT planning.
If your firm only reviews technology after something breaks, it may be time for a more proactive approach.
FAQ
What is included in a quarterly technology review?
It usually includes a review of hardware, backups, cybersecurity alerts, Microsoft 365 settings, software licenses, user accounts, and overall IT performance.
How often should financial firms review IT?
Financial firms should review IT at least quarterly to identify risks, plan upgrades, and prevent avoidable disruptions.
Can quarterly reviews reduce downtime?
Yes. Regular reviews help identify aging devices, backup issues, and security gaps before they interrupt daily operations.
Why review Microsoft 365 regularly?
Microsoft 365 often stores important business data. Regular reviews help confirm that access, MFA, permissions, and security settings are properly managed.
Request Your Quarterly Technology Review
Take a proactive step toward reducing downtime, strengthening cybersecurity, and making smarter IT decisions for your financial firm.