Solutions for Financial Services Industry
No industry sector is more acutely aware of their Compliance and Governance responsibilities than the Financial Services sector. As a result, Information Security and Data Protection is also of critical interest to the management and Boards of Directors of organisations that make up the financial industry. From Basel II to MFiD, the list of regulatory and financial legislation is too long to list. Suffice to say that most financial institutions have dedicated personnel to attend to the demands of this area.
Unfortunately, the increasing number of high profile Compliance and I.T Security failures throughout the world has only fuelled the drive for more regulation. Critical to the success of every Compliance and Information Security initiative within Financial Services companies is the active participation of employees and contractors. Specifically, the accountability of each employee in sharing the regulatory and legislative burden is critical to the long term success of internal Governance projects.
Most financial organisations have implemented extensive education and training programs backed by e-learning systems to ensure compliance with regulatory directives. However, it is only through the automation of the management of policy and compliance communication can financial institutions demonstrate compliance and withstand the scrutiny of third parties in the event of a governance or I.T security failure.
“Firms must change their own behaviour and grasp the opportunities this presents for increased innovation and more flexible operations, while at the same time fully appreciating their regulatory responsibilities and ensuring they deliver against them”.
Principles based regulation – Focusing on the outcomes that matter
FSA – Financial Services Authority
Baronscourt’s intelligent policy management solution allows Financial Services providers to align the awareness of employees and contractors to the governance responsibilities of the organisation. Throughout the world, the Financial Services industry has an obligation not only to meet the highest standards in personal information confidentiality and security, but also to show they are meeting these standards.
The MetaCompliance Suite guarantees employee participation in Policy and Compliance communication. As a result, the system will provide the necessary management tools to implement appropriate policy and compliance measures to improve audit readiness and demonstrate compliance in internal processes and employee best practice.
Benefits for Financial Services organisations
- Mitigate the risk of compliance failure as a result of personal information leakage.
- Enforce the interaction of employees and contractors with policy and compliance initiatives.
- Survey staff understanding of governance and security best practice.
- Underpin best practice methodologies – ITIL, COBIT, ISO27001.
- Provide the audit information and reporting functionality needed to demonstrate best practice.
Compliance communication outside of the office
- MetaCompliance Policy Laptop helps reinforce the value of data and obtain staff acceptance of the risk of data residing in portable form.
- MetaCompliance Policy non-electronic allows the originator to involve non computer users and obtain their responses in a unified system for the management of governance policy.
The MetaCompliance suite from Baronscourt gives Financial Services institutions an easy to use solution which automates the ever increasing burden of information governance and employee compliance. The software is a critical management tool when the time comes to demonstrate compliance in the form of an audit or a high profile employee malpractice.
