Effective Monitoring & Governance
Take Charge of Information Exchange & Move Fluidly for Compliance
Regulators and investors are demanding greater transparency and increased accountability from financial institutions about their risk management, processes and the systems that support them. Information and data exchange is one area that is receiving higher scrutiny due to the increase in regulations and privacy laws, including Basel III, Dodd-Frank, Gramm-Leach-Bliley Act, and the Payment Card Industry Data Security Standard—to name a few.
Regulators hold your feet to the fire to prove that data and file exchange processes maintain compliance with audit trails that show where every bit of institutional data is located, how it got there and who has been provided access—whether interbank, Bank-to-Corporate or Corporate-to-Bank. Even with uncertainty to the impact of some regulations, waiting to see what develops is not a sound strategy to prepare your company for what’s coming.
Financial institutions rely on the transfer of information to do business
Pursuing improvement to the processes employed for secure data transmission and B2B integration can deliver benefits NOW—and prepares you to take immediate action when the forthcoming regulations place new demands on conducting business.
As regulations for financial services institutions continue to surface, the onus to comply is on the institution. But beating the competition to the punch by driving the compliance process will bring even bigger advantages – innovative IT solutions that reduce cost, eliminate silos and drive operational efficiencies.
Reduce risk with a flexible platform built to enable change as the environment around you changes. Making changes in regulation and compliance a priority for implementation is easily accomplished and also results in increased security.
Monitoring & Reporting
Close the Gap in Accountability and Responsiveness
Being able to perform event based message tracking and proactive alerting are benefits of modern B2B and secure file transfer solutions. But, it’s the level of visibility provided by monitoring, the ability to customize reporting and alerts (for example if an expected action doesn't happen) that are critical to resolving issues in real-time as well as enabling comprehensive manageable and auditable records to meet compliance.
What you need from your data exchange and integration systems is real-time access to information to resolve problems without delay. To improve accountability and resolution times, transparency is critical. Without it, a gap in the financial supply chain management process leads to higher costs, long wait times and escalating customer service problems. This gap can also cause violations to SLA’s resulting in fines, penalties and lost business.
Closing this gap relies upon the implementation of flexible, adaptable and manageable financial services IT solutions that provide the governance, monitoring and reporting capabilities needed from top to bottom. To do this properly, banks need to invest in deploying rules-based technology that can provide the accountability and responsiveness needed to keep financial operations flowing smoothly.
Data governance in institutions requires that people, process and technology are managed with an overall regulatory compliance view. This introduces uncertainty in an environment where the true implications of emerging regulations (e.g. Dodd-Frank, Basel III), are not yet truly known. At the same time, secure data exchanges and B2B integration are pursued for their contribution to efficiency, visibility and revenues.
Ordered, consistent and timely data is requires that financial institutions develop expansive capabilities that allow:
- Monitoring, tracking and recording every data exchange, whatever the usage pattern; system oriented, human oriented, intra-organization or extra-organization—including structured and unstructured data
- Automating audit trails to reduce the opportunity for human and system error as data transfer volumes escalate
- Managing data exchanges to Service Level Agreements (SLA’s), ensuring informational delivery to identified stakeholders
- Ensuring Segregation of Duties (SoD) as it relates to governance, risk, and compliance (GRC) are maintained and facilitated to reduce collusion risks and resolve business issues
- Manage internal controls to ensure that breach of compliance to regulations does not occur
Learn how adding an attachment to an email can have automatic encryption with BIS FileExchange. Options include:
- Additional security with passwords
- Limiting the duration availability
- A maximum number of downloads
- Accessing files from anywhere
Monitoring as a means of Business Intelligence
Automated monitoring of data transmission and business processes that provide end-to-end visibility are critical for financial services institutions. This visibility applies far beyond compliance and regulatory concerns to the development of manager dashboards that translate data into KPIs that provide actionable intelligence, such as SLA compliance levels and assessing the costs of services. Without end-to-end visibility, you’re “banking” on assumptions that may not be true.