Managing data access is an ongoing journey for businesses in the financial service industry. Policies such as the Sarbanes-Oxley (SOX) Act and the Gramm-Leach-Bliley Act (GLBA) establish regulations that your business must follow when implementing any identity access management (IAM) or privileged access management (PAM) tool. Auditors will check your system for compliance against specific criteria, but those criteria are subject to change between reviews.
IAM and PAM implementation must be an active process to comply with evolving regulatory demands. Automated compliance reporting systems help financial services companies track and report evidence of compliance.
Key Challenges in IAM and PAM Compliance
IAM and PAM compliance reporting presents challenges for financial services businesses of all sizes. Auditors will ask questions and request data to prove that you meet industry-specific regulations. The information you must present exists across numerous applications and systems that your business uses, many of which do not communicate with each other. When performed manually, the IAM and PAM compliance reporting processes may become inefficient or inaccurate due to their complexity. Your business could be vulnerable to violation fees as a result.
Improving IAM and PAM Compliance Reporting Processes
Your organization can overcome IAM and PAM compliance reporting challenges by implementing IAM as a service (IAMaaS). Automated IAM and PAM systems collect real-time compliance data according to the process you establish. With an automated system, compliance data reporting can occur as frequently as you choose using a repeatable method. You can also revise the process as regulations change, and the system will adapt.
IAMaaS tools automate tasks such as certification reviews, application reporting, and employee onboarding and offboarding. Automating these processes boosts reporting efficiency and eliminates errors so your business can provide thorough, accurate compliance data when auditors request it.
The Time for Process Improvement Is Now
Audits occur frequently, so implement an automated IAM compliance solution in preparation for your next review. Changing your compliance reporting now can save your business money when auditors make sudden changes to requirements. A repeatable, adaptable automated system will provide the speed and flexibility your business needs to stay ahead of IAM compliance audits.
If you have an automated system in place already, it's crucial to conduct regular reviews. Verify that your tool resolves the compliance reporting problems your business faces. If it doesn't, consider whether adjusting the system or adopting a new one makes sense.
Choose the Right Compliance Reporting Automation Tool
Automated IAM compliance system integration is most successful with a strong product from a reliable vendor. Choose a system that automates the challenging tasks associated with compliance report fulfillment. The system should offer repeatable, adjustable processes to keep the most relevant compliance data readily available. It's also important to choose an experienced vendor and form a close relationship with them. The right vendor will understand your needs and tailor the system to them.
Contact Bravura Security
Automated, repeatable and adjustable compliance reporting systems empower financial services companies to navigate the industry's complex regulatory landscape.
The Bravura Security IAMaaS gathers IAM and PAM data on demand to satisfy regulations set by the government and the industry. Please contact us online for more information on our compliance reporting solutions for financial services.
You can also view our 2023 Power of One Summit sessions on-demand.
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