From mortgage lenders to insurance companies to fintechs, financial services companies deal with their customers’ most sensitive, important information. A breach doesn’t just mean losing customer trust and exposing sensitive assets: it puts finserv organizations at risk of noncompliance with important regulations put in place to combat the proliferation of cybersecurity threats and the rising costs of breaches. Financial institutions must achieve and maintain compliance to protect assets and information, maintain customer trust, and avoid penalties.
In a recent survey of finserv companies, 54% reported using an ITSM platform that is five or more years old. This isn’t just inefficient—it’s a security risk, and may be holding your team back from compliance. Strong, modern ITSM is an essential aspect of achieving compliance, particularly in financial services. Investing in up-to-date ITSM tools protects internal systems, supports audits, and addresses customer concerns.
Put data security and privacy first
It’s a big risk to be discussing sensitive information over email. For this reason, finserv businesses have long had to protect sensitive financial information, thanks to regulations like the Gramm-Leach-Bliley Act (GLBA). But as cyberthreats have multiplied and evolved in recent years, so too have data protection practices. Modern ITSM tools come with strong data protection practices baked in: rather than scaffolding data protection onto a legacy system, these tools are data security-minded from the ground up.
Tools certified by the International Organization for Standardization (ISO) follow cross-industry best practices for keeping internal and client information securely protected. ITSM tools should also be certified in compliance with recent, stringent privacy regulations, such as the California Consumer Privacy Act of 2018, which prevents them from selling or sharing user data. Be sure to choose a tool that allows you to track user access logins, to remain compliant with standards like the Payment Card Industry Data Security Standard (PCI DSS).
Pick tools built to support audits
Audits are a key part of ensuring that a business maintains and demonstrates compliance. Regulations like the Sarbanes-Oxley Act (SOX) require large, publicly-traded companies to undergo annual audits which demonstrate compliance. In the case of SOX, organizations need to show that they’ve established financial reporting standards, ensuring accurate financial data. SOX focuses in particular on IT compliance, making sure that companies know where sensitive data is, control its access, and proactively manage change.
To keep up with audits required by SOX and similar regulations, look for an ITSM tool with robust data management controls. ITSM tools should provide granular, secure access permissions, and track changes for documentation. Plus, purpose-built reporting features smooth the path to financial clarity, seamlessly integrating audit preparation into everyday operations.
Respond effectively to threats of fraud
Financial institutions have a duty to protect their customers from fraud, both in safeguarding data and preventing fraudulent transactions. To respond effectively to suspected fraud, finserv organizations must have incident management policies in place.
Choose a tool which integrates service management with a knowledge base, to support customers in times of stress. Self-service options empower users, and help decrease the load on agents. And real-time updates between tools in a suite keep all agents informed, and ensure the customer experience is seamless. To further streamline this process, look for flexible automation that can help your company act immediately.
‘Know Your Customer’ and ‘Know Your Business’ rules
Know Your Customer (KYC) and Know Your Business (KYB) regulations require financial institutions to verify customer identity and help protect against identity theft. Strong, codified IT processes and procedures are essential to make this process swift and comprehensive, establishing trust with a prospective customer from the start. An easy, intuitive user interface will prevent KYC and KYB forms from becoming a stumbling block to conversions.
ITSM and compliance go hand-in-hand
Compliance requires organization, collaboration, and documentation—and supporting these practices in a modern workplace requires modern ITSM. By integrating compliance mindfulness into practices and tools, ITSM provides a foundation for finserv businesses to ensure compliance.
With regular, third-party compliance auditing and a strong focus on security, many financial services businesses have found ITSM success with Atlassian tools. To ensure compliance, an external consultant can help. With expertise in everything from third-party plug-ins to reporting, a partner can provide crucial guidance and even managed services to streamline your path to compliance.
To learn more about Atlassian tools for finserv organizations, reach out to Contegix today.