The IT Governance, Risk and Compliance Challenge for Financial Services

Financial Services companies have some of the most mature and established security functions of any industry. Risk management and regulatory requirements have driven these companies towards robust IT practices. However, the requirements laid out by Gramm Leach Bliley Act (GLBA), Payment Card Industry (PCI) and Federal Financial Institutions Examination Council (FFIEC) have added even more pressure to these organizations. Financial institutions face a number of regulatory bodies. In addition to these industry factions, publicly traded companies also require Sarbanes Oxley compliance. Financial institutions that offer health insurance benefits may face the Healthcare Insurance Portability and Accountability Act (HIPAA).

Costs associated with demonstrating compliance to these requirements can be substantial and those companies that can reduce these costs and transition the compliance effort into an operational facet of their business will be much more successful. The identification and definition of controls has been a very expensive task in many organizations. These regulations are centered on the identification and definition of controls and the establishment of a solid security process within the organization. The challenge lies in meeting these requirements in the context of the business and clearly articulating control infrastructures. An extensible framework to manage both control definition and regulatory requirements with compliance measurements and reporting is necessary for financial companies to efficiently and effectively ensure compliance.

IT Governance, Risk and Compliance Challenges for Financial Services

• Multiple mandatory regulations
• High costs of defining controls for IT
• High costs of demonstrating compliance
• Budget impact to IT efforts for business
• Allocation of resources away from key business initiatives
• Difficulty with ongoing sustainability
• Companies with wide range of capabilities and resources have similar requirements

Brabeion Solutions for SOX »

Brabeion Solutions:

Brabeion Software solutions eliminate exposure of information security programs to repeat audit findings, regulatory violations and fines protecting brand, customer and commercial relationships. Our solutions ensure audit proven IT security controls maintained by experts including PwC, are mapped to regulations, customized for business requirements and communicated to employees, partners, auditors and regulators. Online dashboards measure and manage business risk, compliance and security program metrics and audit readiness down to the asset level. Our solution reduces the complexity of compliance and the cost of audits across global and heterogeneous environments.