White Papers for Federal Financial Institutions Examination Council (FFIEC)

Protecting Data Assets In The Financial Services Enterprises: A case study

Tizor

In today’s regulatory environment, financial services organizations are faced with the significant and ongoing pressures of complying with a myriad of regulations and corporate auditing requirements from Sarbanes-Oxley, Statement of Auditing Standards No. 70 (SAS 70) and Federal Reserve to the Gramm-Leach-Bliley Act (GLBA), Basel II and CA1386.
Regardless of the regulation in the financial services industry, compliance is a fact of doing business. While each mandate adds requirements and/or addresses different types of data, all are inextricably linked to an increasing reliance on digital information and a realization that tighter internal controls are required to protect it.
Financial organizations also face the challenge of managing information and identity theft while demonstrating sensitivity to customer privacy and security. Defining best practices for data governance and data management at a policy level requires support at the technology level. Without automated ways to audit data, as mandated by numerous regulations, the cost can be an exponential burden to an organization’s bottom line. To add to this challenge, compliance is a moving target . The only way to stay ahead of the requirements is to implement flexible, comprehensive technologies that can accommodate the realities of a changing world.

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