As a CIO, IT manager, or MSP servicing financial institutions, you realize that compliance is an important priority. You need to be able to manage both internal compliance, ensuring employees follow operational policies to mitigate risk, and external compliance following rules and regulations established by outside entities such as the government.
Realizing the need for compliance is just half of the equation. Being able to effectively manage that compliance in an efficient and cost-effective manner is the second part. Let’s briefly look at some of the issues facing financial institutions concerning compliance, and then look at how you can achieve the second part without a big bank budget.
Compliance Worries of Financial Institutions
Compliance, auditing, and security issues keep financial professionals awake at night, and rightly so. Security lapses and failures in compliance can lead to huge fines, ruined reputations, and lost customer confidence. A CDW sponsored survey in 2015 asked senior executives at banks what concerns they had for their banks: