When it comes to security and reliability, banking and financial institutions are held to some of the highest security standards. The vast focus on security in these organizations is due in large part to the diverse and numerous threats against their high value information assets. Beyond ensuring the ongoing security of their assets, financial service providers must manage ongoing regulatory compliance while simultaneously meeting their customer requirements to deliver convenient online and personalized services without increasing risk. This challenge is not limited to just large financial institutions – small banks and credit unions are charged with meeting the same regulatory requirements and high tech services with the added expectation of maintaining a “small hometown” customer service feel.
This high standard of performance combined with strict regulatory requirements like GLBA and FFIEC dictate the need for a comprehensive approach to risk and compliance management.