Training

Banking on Confidence - How to Ensure Regulatory Compliance in Trying Times

Banking on Confidence - How to Ensure Regulatory Compliance in Trying Times
Now is a critical juncture for the global banking industry. The economy is weak, security risk is high, customer confidence is low, and there is a growing acceptance that regulatory reform is imminent. It is time for banking institutions to ensure that their customers' financial and informational assets are safe, reinforcing the one true foundation of the banking industry: Trust.

Register for this webinar to learn:

  • Which new regulatory pressures dealing with information security, compliance, and risk management are likely to be exerted throughout 2009;

  • The 5 core competencies of compliance - and how to achieve them through an automated solution

  • Key results of ISMG's recent Banking Confidence Survey;

Background

While governments rally to bring some order to the worldwide economic crisis, customer confidence in the financial industry as a whole is waning.

Surviving institutions may indeed be thriving - or at least, safe and sound - but they still must prove to their customers and their regulators that they have their own houses in order. "People see banks as a secure, safe place and they want to believe that their personal data and financial assets are being taken care of," says Dwayne Melancon, Vice President of Corporate and Business Development for Tripwire, Inc., a provider of configuration control software based in Portland, OR. "But trust only goes so far."

That means institutions must be able to prove that they're doing all the right things; among other things, appropriately auditing and controlling the IT environment. Now, perhaps more than ever, an institution's mandatory compliance with government guidelines plays a crucial role in restoring customer confidence, one institution at a time.

Among the developments taking place globally:

  • In the U.S., the government is working out the details on a mammoth rescue plan;
  • In Europe, Germany's federal parliament recently passed the most extensive bailout package since post-war;
  • In Asia, turmoil resulted in similar efforts in South Korea's banking sector.

With such unprecedented upheaval and government intervention, all eyes are on compliance, which will surely take on new meaning for the average consumer, who - according to what financial institutions say in the recent Banking Confidence Survey sponsored by Information Security Media Group - is already losing faith in the banking industry.

Whether it's the international standard of Basel II, or the more country-specific Sarbanes Oxley in the U.S., the Markets in Financial Instruments Directive (MiFID) in Europe, the Financial Instruments and Exchange Law (J-SOX) in Japan, or a host of other government mandates, compliance is all about integrity and accountability. Regulators need to know that institutions are "walking the walk, not just talking the talk." That means institutions need to get a strong handle on where they're at, how that state compares to compliance requirements and, of course, what they can do to reconcile any discrepancies. And in these trying times, they need to be able to do it in a timely, cost-effective manner.

When it's all boiled down, compliance is attained through five core competencies, for which the influences of configuration and change management are front and center.

Register for this webinar to learn more about banking confidence, regulatory compliance and the details of these five core competencies.

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