Financial Services
ZenGRC provides banks and fintech firms of all sizes a cost-effective, unified system to manage controls across multiple frameworks and help CISOs monitor key performance indicators for compliance and IT security efforts.
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The Regulatory Burden
Regulatory compliance and operational demands differ significantly from one financial firm to the next. But that burden is always onerous — and is changing rapidly.
The Treasury Department wants powers to oversee fintech firms and similar tech service providers. New York’s Department of Financial Services already requires financial firms in that state to assess the cybersecurity of tech service providers.
Banks, meanwhile, must monitor, process and protect potentially millions of transactions daily and satisfy compliance objectives ranging from market liquidity, to fair lending, to cybersecurity, to financial crime prevention and more. Their attention to cybersecurity is already watched by the Fed, the Office of Comptroller of the Currency, state banking regulators (see New York, above) and others.
All this means that fintech firms must be able prove their security and reliability — and their clients must be able to assess those factors, too — so the services fintech offers don’t disrupt other compliance and reporting obligations their financial clients have.
Compliance Objectives
Frameworks can help financial firms address any of these objectives. Still, the firms must simultaneously manage multiple frameworks to achieve progress on multiple needs, each moving at its own pace.
For example, firms need to track what they’ve already assessed, consider corrective steps that might be necessary, determine whether those fixes are on schedule, know what still needs review and what new assessments might be necessary as new regulations emerge. That’s a lot of moving parts. Along with keeping track of their own financial and liquidity positions as necessary, financial firms must:
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Assess cybersecurity vulnerabilities within their organization and their fintech third parties.
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Comply with privacy rules at overseas, national and state levels.
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Map progress on remediation efforts.
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Integrate new regulatory requirements into their compliance systems.
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Identify weaknesses in internal controls and have a framework to fix them.
Ebooks
Guides
Preparing for a SOX Audit Using COSO: Internal Controls and Security at the Heart of SOX
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Webinars
Top Initiatives for Infosec Teams to Consider in Implementing Business Continuity & Resiliency
Watch WebinarVendor Risk Management: What your organization can and cannot do under the GDPR
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Watch WebinarBlazing the Trail: Develop a Compliance and Risk Management Plan in 6 Weeks
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Articles
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Read ArticleHow to Conduct a Compliance Self-Assessment – an Excerpt from our GRC Software Buyers’ Guide
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Read ArticleSmarter Compliance, Less Risk – an Excerpt from Reciprocity’s GRC Software Buyer’s Guide
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Read ArticleZenGRC v2.4 Release Features New Audit and Evidence Request Dashboards, and More
Read Article“Competent Compliance” Webinar Recording Now Available, Learn How to Move Beyond Spreadsheets
Read ArticleJoin Our Live Webinar – Competent Compliance: 3 Ways to Move Beyond Spreadsheets
Read ArticleJune News Round-Up: More Data Breach News, Crypto Wars 2.0, and Acer Hack
Read ArticleZenGRC v2.2 Release Features New System of Record Dashboard, Tree View Updates
Read ArticleZenGRC v2.1 Release Features Improved Audit Capabilities, Simplified Customer Support
Read ArticleHow to Tell if it is Time to Start a Compliance Program [Infographic]
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FAQs
Infographics
Financial Services related Use Cases
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