Financial Services and Its Regulator Burden
GRC Labs provides financial firms a unified platform to manage controls across multiple frameworks, and a dashboard that lets CISO monitor key performance indicators for compliance and IT security efforts.
.Regulatory compliance and operational demands differ greatly from one financial organization to others, but regulatory burden remain same and this is changing rapidly.
The Treasury Department wants powers to oversee similar technology service providers. United States of American Department of Financial Services already requires financial firms in most of the states to assess the cyber security of tech service providers.
Financial organizations must monitor, process, and protect potentially millions of transactions daily, and satisfy compliance objectives ranging from market liquidity, to fair lending to cyber security, to financial crime prevention and more. Their attention to cyber security is already watched by the Federal department, the Office of Comptroller of the Currency, state banking regulators.
All financial firms must be able prove their security and reliability and their clients must be able to assess those factors, so the services offers don’t disrupt other compliance and reporting obligations their financial clients.
Compliance Objective
Frameworks can help financial firms address any of these objectives. Still, the firms must manage multiple frameworks simultaneously to achieve progress on multiple needs, each one moving at its own pace.
For example, firms need to track what they’ve already assessed; corrective steps that might be necessary; whether those fixes are on schedule; what still needs review; and what new assessments might be necessary as new regulations emerge. That’s a lot of moving parts. Along with keeping track of their own financial and liquidity positions as necessary, financial firms must.
Assess cybersecurity vulnerabilities within their organization and their fintech third parties.
Comply with privacy rules at overseas, national, and state levels.
Integrate new regulatory requirements into their compliance systems.
Identify weaknesses in internal controls & have a framework to fix them.
Map progress on those remediation efforts.