Financial Services Industry Faces Growing Compliance Pressures
Compliance and risk management are familiar concepts in the Financial Services industry. During the last eight years, compliance and risk management have been increasing, both in terms of complexity and scope. Existing fraud, identity theft and other risk management programs, along with regulatory requirements such as FDICIA, have been in place for years. Recent Requirements such as Gramm-Leach-Bliley (GLBA) and Sarbanes-Oxley (SOX) have made the compliance and risk management landscape more complicated and difficult to manage.
Moreover, increased complexity and disconnected information led many organizations to create and operate compliance and risk management programs in departmental silos, creating inefficiencies and redundancies. Fortunately, disconnected programs can be easily automated, streamlined, and unified with Governance Insight™. Using Governance Insight, Financial Services companies can integrate documentation, evaluation, testing, and reporting with a centralized repository. In addition, process and control documentation created as part of one project can be shared across the enterprise, resulting in reduced duplicative work and improved data accuracy.
Risk Identification and Assessment
Proper risk identification and assessment are crucial success factors for effective Enterprise Risk Management. Process and control libraries built into Governance Insight can help provide Financial Services organizations with a set of flexible tools to help identify and assess potential risks. Our Governance Insight Survey™ can also help companies to gather critical risk-related data across the enterprise with simple questionnaires that can be used to identify and assess additional operational risks, fraud, and other areas of potential concern.
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