How Analytics Is Aiding Banking Compliance

How Analytics Is Aiding Banking ComplianceRegulations are costly and time consuming for banks, and they need to stay on top of their data.

Banks struggled to put this information together, highlighting a complacency and malaise that likely exacerbated the problems of the crisis. Lehman Brothers’ collapse heralded the beginning of a new era of regulations, though, with Dodd Frank, which was introduced in 2010, and Basel III in 2011 among the most far-reaching and complex. Over $100 billion in fines have been paid in US for non-compliance since 2007, and with a new Republican-led regime entering power, it is unclear what the future holds.

The time and cost of regulatory compliance and reporting vastly increases with every new regulation. Regulatory bylaws must, by their very nature, be thorough, and many contain hundreds of pages of information. Keeping up with these causes additional stress to financial services institutions, at a time when new competition from FinTech is creeping up the sides.

This article originally appeared in Innovation Enterprise .  To read the full article, click here.

Balancing Agility And Risk At US Bank

Balancing Agility And Risk At US BankBalancing Agile and Risk Mitigation

As a heavily regulated financial institution, U.S. Bank is rightfully risk-adverse. Nevertheless, it must balance day-to-day operational risk with the strategic risk inherent in not changing quickly enough, and thus losing its competitiveness in today’s turbulent digital environment.

Achieving this balance depends in large part on the software development organization, as all banks are becoming software-driven enterprises, yet must maintain a constant focus on compliance and security.

Dealing with auditors, therefore, is an important part of Peterson’s work. “The auditors seek to ensure the steps taken to manage the  book of business is sound,” she says. “We’ve checked and double-checked our numbers and here’s proof electronically.”

In other words, the role software plays in the auditing process has changed – and with it, auditing itself. Auditors don’t simply pore over spreadsheets. Today, they can review reports from software that can guarantee the data in those spreadsheets are in order.

In fact, the more proactive Peterson’s team can be on compliance matters, the better. “We need to identify technology solutions to fill gaps, so we’re able to be audited and align to the auditors’ checklists,” she says. “We’re not only removing manual tasks; we’re making the software efficient enough to do what is needed to support all aspects of the business.”

 

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The 3 Compliance Questions to Ask

The 3 Compliance Questions to Ask

As companies move to cloud, they require more certainty around export compliance.

Of the many complexities associated with cloud computing, export compliance laws arguably are some of the thorniest. From a legal and technical perspective, the export compliance laws currently on the books—as they vary from country to country—can make even the savviest and most experienced attorneys’ and engineers’ heads spin.

All enterprises must adhere to a variety of industry- and country-specific rules related to important security, data privacy, taxation and export controls. But these rules become especially murky around cloud services. For example, if a U.S.-based company provisions a virtual machine abroad, say in China, does it need to develop region-specific export controls?

Export compliance rules raise other, broader questions. For example, how do you retain agility while complying with the necessary regulations? And how do those regulations and controls vary according to workload? Like tax regulations, rules for collecting and distributing user data vary depending on location.

Not having the proper compliance protocols in place can have serious implications. Say your client is expanding into a foreign market and, at the last minute, they request a number of changes that have not been evaluated from a compliance perspective. Either the expansion is delayed, which could be damaging from a reputation and financial perspective, or the company runs the risk of being cited for compliance violations.

So, as more and more companies expand globally, how can they prepare to meet the compliance challenges stemming from cloud computing?

Read the source article at devops.com
Original Author: Contributor

Scaling Collaboration in DevOps

Scaling Collaboration in DevOps

Those familiar with DevOps generally agree that it is equally as much about culture as it is about technology. There are certainly tools and practices involved in the effective implementation of DevOps, but the foundation of DevOps success is how well teams and individuals collaborate across the enterprise to get things done more rapidly, efficiently and effectively.

Most DevOps platforms and tools are designed with scalability in mind. DevOps environments often run in the cloud and tend to be volatile. It’s important for the software that supports DevOps to be able to scale in real time to address spikes and lulls in demand. The same thing is true for the human element as well, but scaling collaboration is a whole different story.

Collaboration across the enterprise is critical for DevOps success. Great code and development needs to make it over the finish line to production to benefit customers. The challenge organizations face is how to do that seamlessly and with as much speed and automation as possible without sacrificing quality or performance. How can businesses streamline code development and deployment, while maintaining visibility, governance and compliance?

Read the source article at devops.com
Original Author: Tony Bradley

Seven points to understand about cloud security

Seven points to understand about cloud security

For example, real-time monitoring and enforcement of policies can not only address performance and reliability issues before the problems become serious but they can also detect and mitigate potential compliance issues. Automating in this way reduces…

By recognizing and addressing the specific risks associated with use of cloud solutions, companies can overcome their fears and shift from a strategy built around minimizing change to one optimized for change says Gordon Haff.

 

Read the source article at IT security news, reviews and opinion

Managing IT in a Hybrid Cloud World

Managing IT in a Hybrid Cloud World

Managing IT End-user monitoring ensures appropriate levels of service are being met; application  layer monitoring tests service levels for each separate application; and infrastructure monitoring helps organizations avoid large-scale outages due to infrastructure…

 

Read the source article at cloudtweaks.com

IDG Enterprise editors predict IT trends for 2016

IDG Enterprise editors predict IT trends for 2016

As 2015 winds down and we start to focus on 2016, one thing can be predicted quite easily. Analysts, editors and others will start making their own predictions about what we can expect in the upcoming year.

We’re no different here at IDG Enterprise – we asked some of the top editors from the IDG enterprise brands (Computerworld, Network World, CIO.com, CSO) to take a few minutes out of their busy day to predict a few trends for enterprise IT trends in 2016.

Read the source article at Welcome to Network World.com

Original Author: Keith Shaw

Healthcare security and HIPAA: Why compliance and security are still lacking

Healthcare security and HIPAA: Why compliance and security are still lacking

A number of healthcare data breaches have made the news of late, particularly involving large insurance companies and data clearinghouses. As the media portrays the situation, our private health information is leaking to the outside world at an alarming rate. Based on Bitsite’s recently-released Third Annual Industry Benchmark Report, we should not be surprised. Based on the Bitsight report, the healthcare industry is near worst in overall security, with only education below them.

Read the source article at computerworld.com

Original Author: Robert C. Covington

7 Intriguing Technology Disruptions In Financial Services

7 Intriguing Technology Disruptions In Financial Services

While the financial services giant has been around for decades operating primarily in the asset management space, it has always been a technology company at heart, with 10,000 technologists across the globe comprising a full quarter of the firm’s workforce.

“Innovation has given us an advantage in terms of greater speed, lower costs and higher quality to create the best customer experiences possible,” says Sean Belka, head of Fidelity Labs.

More about Tech and Brandspeak

Read the source article at Mashable

Original Author: Fidelity, mashable

Contractually Obligated: Service-Level Agreements and Savvy IT

Contractually Obligated: Service-Level Agreements and Savvy IT

Service-level agreements (SLAs) are the go-to document in the event of a conflict between the provider and client. It determines who bears responsibility and which specific actions must be taken to ensure compliance. However, as noted in a recent MSPmentor article, some managed service providers (MSPs) still choose to act without an SLA. Part of the problem is that there are several tough conversations with clients about what gets covered and what needs to be left out.

Read the source article at PivotPoint

Original Author: Doug Bonderud