• Partner with Us
  • Careers
  • Blog
  • Schedule a Consultation
  • Contact Us
Identity & Access Management Identity & Access Management Identity & Access Management Identity & Access Management
Menu
  • IAM Mesh
  • Solutions
    • USE CASE BASED
      • Access Certification
      • Role Management
      • Provisioning Access Request
      • Password Management
      • Multifactor Authentication
    • IAM Solutions
      • CIAM for GDPR Compliance
      • Single Sign On
      • Identity Provisioning
    • Integration
      • EPIC EMP Provisioning
      • EPIC SER Provider Management
      • Cerner EMP Provisioning
      • Azure AD Admin Management Connector
      • Factory Model App on boarding
    • AVANCER’S IDENTITY BRIDGE
      • What is Identity Bridge?
      • Request For Demo
      • Partner with Identity Bridge
  • Consulting Services
    • IAM SERVICES
      • IAM Advisory Services
      • Assessment Services
      • Architecture & Design Services
      • Implementation Services
      • Modernization
      • IAM Managed Services
    • PENETRATION TESTING SERVICES
      • Penetration Testing
    • SALESFORCE SERVICES
      • Salesforce Shield
  • Industries
    • Financial Services
    • Manufacturing & Retail
    • Telecommunication
    • Healthcare & Life Science
  • IAM Resources
    • E-book
    • White Paper
    • Data Sheet
    • Expert IT Security Blog
    • Case Studies
  • About Us
    • Milestones and Awards
    • Technology Partners
    • Clients
    • Press Release
    • Careers

Managing GRC for Financial Services through IAM Tech

The financial services market, including the banking sector, is monitored at Federal and State levels, and is subjected to various regulations. There are four main regulatory bodies at Federal level, namely – the Federal Reserve Board, Federal Deposit Insurance Corporation, the Office of Thrift Supervision, and the Office of the Comptroller of the Currency. In addition, the state legislatures and state banking authorities also have a vital role in regulation of state chartered institutions.

The list of regulations for financial and banking sector is too long and managing these is an uphill task for a financial organization.

Financial Services through IAM Tech
Governance, Risks and Compliance (GRC) is quite important for financial organizations from regulatory standpoint.

Recently, changes in regulations have taken place. The amended regulations include Sarbanes-Oxley Act (SOx), OMB A-123, Basel II, Consumer Privacy, Data Privacy, SAS 70, Check 21, BSA, Anti-Money Laundering (AML), MiFID, PATRIOT Act, and Reg NMS. With the introduction of these regulations, each banking and financial services organizations is seen to develop or purchase IT Solutions that are focused at meeting the needs of regulation. This results in lack of integrated view of compliance and risks, leading to investing huge amount of money in ineffective and deficient system across the organization. The aim of such amendments is to compel companies to look at regulations as strategic tools and plan GRC while considering long term strategies and align business goals accordingly.

IAM Technology and Managing GRC

Complexities in business, with increased regulatory as well as market scrutiny, has to lead to organizations adopting a structured approach in managing GRC. In this backdrop, IAM has been seen as a vital enabler for fulfilling governance requirements such as policy enforcement, assessing risks, auditing compliance and reducing frauds.

Here’s How IAM Technology is Helping in Managing GRC:

Assigning and controlling user access rights:

To comply with regulatory requirements environment, financial services companies are required to securely manage the task of assigning user access rights. In a hugely networked and distributed environment, it becomes a challenge to monitor this process. With automated IAM provisioning, firms are provided with a greater level of control at the time of provisioning access, ensuring compliance to regulations and lowering policy violation risks. Further, IAM helps in verifying access rights on a regular basis, allowing companies to audit whether the access rights are complying with policies or not.

Creating Segregation Of Duties (SoD):

It is essential to enforce SoD to prevent errors and fraud in financial services. The implementation of IAM is helpful in not only detecting but also preventing and resolving access related conflicts. This in turn ensures minimizing negligent or fraudulent access and user behaviour.

Providing access rights as per changes in job role: Flexible access rights are required to align with the changes in job role or termination of duties. Failing to remove a user’s access could lead to policy violations. IAM’s provisioning/de-provisioning capabilities help in eliminating such risks, as the system automatically revoke access rights once an employee leaves the organization.

Establishing secure access guidelines:

In compliance with policies, IAM can implement various user access strategies. These strategies are in effect from the time a user accesses an account or application. It brings security in the IT system in addition with support capabilities such as single sign-on, web services security, and enterprise single sign-on, among others.

Generating automated reports:

With IAM one may schedule or receive ad hoc compliance reports, including violation notifications triggered just in time. It also generates a comprehensive audit and process report, across applications, users, devices and multiple IT systems across an enterprise.

In conclusion

In comparison to any other industry, risk in the financial and banking sector is high and intrinsic. Given the structure of the industry, high number of data breaches, security threats and frauds in the sector, keeps it vulnerable. And if IT Sytems in financial services are poorly managed, the risk runs even higher. Along with this, in case of reported breach organizations come under heavy regulatory and public scrutiny.

With IAM technology many companies are able to identify risks which are associated with user access – such agility and proactive mechanism has become critical in the current business environment. It provides control and wide visibility, which can help reduce risks and effectively comply with industry and government regulations.

Do you need experts' intervention for IAM solution specific to your industry?

Consult Us
04/20/2016 / Industry Insights, Security & Compliance

About the Author

Team Avancer

Avancer Corporation is a systems integrator focusing on State of Art Identity and Access Management technology. With over a decade of experience of integrating IAM solutions for world’s leading corporations we bring you some insights through our articles on Avancer Corporation’s Official Blog

  • Next Post
  • Previous Post

Categories

  • Avancer’s World
  • Cloud Computing
  • Cloud IAM (IDaaS)
  • From CTO’s Desk
  • Healthcare IAM
  • IAM Automation
  • IAM Best Practices
  • IAM for Industries
  • IAM In News
  • IAM Product News
  • Identity & Access Governance
  • Industry Insights
  • IT Security
  • Security & Compliance

Follow us on

Visit Us On TwitterVisit Us On FacebookVisit Us On Linkedin

Avancer's Identity Bridge

  • What is Identity Bridge ?
  • Request for Demo
  • Partner with Identity Bridge

Integration

  • CIAM for GDPR Compliance
  • Privilege Account Management
  • Active Directory Management
  • Single Sign On
  • IAM Upgrade Accelerator
  • Identity Provisioning

Penetration Testing Services

  • Penetration Testing

IAM Services

  • Assessment Services
  • Architecture & Design Services
  • Implementation Services
  • Modernization
  • IAM Managed Services

IAM Resources

  • E-book
  • Data Sheet
  • Expert IT Security Blog
  • Case Studies

About Us

  • Milestones and Awards
  • Technology Partners
  • Clients
  • Press Release

Careers

  • Life At Avancer
  • Benefits Overview
  • Career Development
  • Training & Internship

Follow Us

Visit Us On TwitterVisit Us On FacebookVisit Us On Linkedin

Contact Us

Tel: (609) 632-1285

Fax: (609) 917-3009

E-mail: info@avancercorp.com

Avancer Corporation
30 N Main Street, Ste 201,
CRANBURY, NJ 08512

Avancer Consulting Services
2nd Floor, B2/80
Janakpuri, New Delhi
India – 110058

© 2023 Avancer Corporation. All Rights Reserved.
  • Privacy Policy
  • /
  • Terms of Use
  • /
  • Sitemap
  • /
I hereby agree that Avancer Corporation may use technically necessary cookies, analysis, and tracking cookies as well as marketing cookies to evaluate the use of the website and optimize the website and that Avancer may partially use my IP address.
Accept All Privacy policy
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT