Governance for Financial Services 

Globalisation, outsourcing and an increase in regulations has led to industries having to re-examine internal controls such as internal audit, information security, business continuity, disaster recovery, fraud protection and data privacy. Stringent compliance regulations are imposed on these industries to ensure transparency and protect customers.

Over the past few years, the Financial Services industry has experienced a significant increase in regulations, globalization and outsourcing. This trend has challenged the management to reexamine internal controls such as internal audit, information security, and business continuity, disaster recovery, fraud protection, and data privacy. In highly regulated industries such as Financial Services, global and regional regulators impose stringent compliance requirements to ensure transparency and protect customers. For example, US agencies have honed their focus on regulations, holding institutions to a higher standard, and the Consumer Financial Protection Bureau, created by the Dodd-Frank Wall Street Reform and Consumer Protection Act, is bringing a new authority and perspective to the oversight of financial services companies in attempt to ensure compliance with regulations. Under the US Foreign Corrupt Practices Act (FCPA) organizations are obliged to apply “best efforts” to influence suppliers, third party affiliates, joint ventures, etc. SafePaaS solutions enable Banks, Insurance companies and other financial services institutions to integrate their business applications into their enterprise risk management (ERM) program using the latest capabilities of SafePaaS.

For example, you can implement a Risk Based Supplier Classification within your ERP system and extend supplier controls to a multidimensional approach; Control supplier handling confidential data that is exported outside country borders for the suppliers providing an outsourcing or offshoring service; Comply with requirements set forth by data privacy and information security groups aimed at preventing unauthorized access or storage. SafePaaS Roles Manager can improve user productivity with a security design tool that contains a pre- configured catalog of roles, which also comply with Segregation of Duty (SoD) policies.

SafePaaS can help:

• Prevention of penalties from Regulations such as FCPA, UK Bribery ACT, Dodd-Frank and SOX

• Improvements in supplier governance with Master Data Monitoring

• Remediation of Data Access risks with Roles Management

• Implement a Risk Based Supplier Classification

• Extend supplier controls to a multidimensional approach

• Control supplier confidential data

• Improve user productivity