Supporting Our Customers
Our goal is to provide the best, most convenient and most secure banking experience for our customers — whether they are an individual, a small-business owner, a state or local municipality or a large company. To do so, we combine the best of community, personalized banking with the power of technology to deliver exceptional service that helps our customers attain their financial goals.
Data Security and Protection
Bank OZK employs a layered, defensive approach to protect systems, data and privacy.
Our cybersecurity infrastructure uses preventive and detective tools to monitor sensitive information, alert us to suspicious activity and block potential breaches. It also reports on advanced and persistent threats. We have segmented our systems and environment, reducing access, exposure and impact. Additional defense mechanisms protect our infrastructure perimeter and endpoints from internal and external threats.
Processes
National Institute of Standards and Technology (NIST) and Center for Internet Security (CIS) are foundational resources in the Bank’s cybersecurity program.
We employ various NIST and CIS frameworks as part of the backbone for implementing our security processes. In addition, our Information Security team works closely with government and industry associations to stay stay ahead of developments and share best practices. Our information security program, policies and standards undergo annual review. We obtain independent audits of our information security function, program maturity assessments and penetration testing throughout the year. We also maintain a Network Security and Privacy Liability insurance policy that provides coverage for an array of costs associated with a cybersecurity incident.
Our information security program applies to all business lines, employees and contractors. We conduct exercises throughout the year to raise employees' awareness of cybersecurity risks. All employees must complete the annual Security Awareness Training and certify their understanding of the Bank's information and data protection policies. Operating within our Enterprise Risk Management structure, the Bank’s Chief Information Security Officer (CISO) reports directly to the Chief Risk Officer. The Risk Committee receives quarterly updates on cybersecurity performance and risk indicators. The full Board participates in annual cybersecurity training and receives an annual report on the state of our cybersecurity program and quarterly cybersecurity updates from the CISO.
The CISO also oversees the Third-Party Risk Management Program, which classifies risks associated with service providers and business partners based on factors such as data sensitivity. Service providers and partners are contractually obligated to protect sensitive data. We conduct risk assessments and ongoing monitoring of critical third-party relationships, ensuring compliance with our Third-Party Code of Business Conduct and Ethics.
Fair and Responsible Banking
Our commitment to fair and responsible banking has been key to earning our customers’ trust over the past 122 years.
The Bank requires all employees to complete a robust compliance education program annually, which delivers numerous training courses throughout the year. Bank practices and controls are designed to encourage adherence to our commitment to fair and responsible banking. In addition, the Board of Directors receives annual fair lending training from our Chief Compliance Officer. We are committed to treating prospective and existing customers in a manner that is transparent and consistent with laws and regulations, including consumer protection laws and regulations that prohibit unfair, deceptive or abusive acts or practices. We prohibit discrimination in banking on the basis of race, color, religion, sex, marital status, familial status (including pregnancy and parental leave), national origin, sexual orientation, gender identity, age, disability or handicap, military and veteran status, the fact that all or part of a customer’s income is derived from any public assistance program, the fact that a customer has in good faith exercised any of their rights under the Consumer Credit Protection Act, or any other protected status under federal, state or local law.
Expanding Financial Inclusion
For customers who have been turned down by other banks when trying to open a checking account, our Pathway Checking, which allows for a low opening deposit, may be an option. In addition, our New Start Loan Program helps eligible customers with overdrawn checking accounts develop a manageable repayment plan.
We are proud to support Bank On, a national initiative established to ensure that low- and moderate-income, unbanked and underbanked individuals and households have access to safe, affordable transactional banking accounts. Our Freedom Advantage Checking Account is certified by Bank On. Additionally, we also offer qualifying customers the Freedom Advantage Home Loan, which allows up to 100% financing to low- and moderate-income borrowers or individuals buying or refinancing a home in a low- to moderate-income census tract within our assessment area. A Freedom Advantage Home Loan does not require private mortgage insurance, and borrowers may be eligible to receive down-payment assistance.