Managers of U.S. banks should evaluate their policies at least once a year for controlling risk of financial losses or illegal activities, Federal Reserve Gov. In remarks prepared for delivery to a financial group, Bies also said banks should guard against information-security breaches by controlling access to fund-transfer systems. By law, banks must file reports about suspicious activity, to combat money laundering and other terrorist tools. “Effective management of information security risk, even when focused on a specific function, requires an enterprise-wide approach to yield a true and complete evaluation of the associated risks,” she said in a speech before the Financial Women’s Association.