2 minute read
By Matt Tengwall
Posted in Customer Engagement
Though many industries across the world must follow varying compliance guidelines, the one most affected by this requirement is the financial sector. Banks, credit unions—really any organization that handles money and sensitive financial information—are prime targets for inappropriate behavior, bad actors, and fraud.
As the cyber risk facing these institutions continues to expand, regulations are becoming more stringent in an effort to protect customers’ private data and funds. Damaging breaches or cyber-attacks are not the only worries for financial institutions. These organizations can also face hefty fines and penalties if they’re found to be in violation of compliance.
Although there’s an incredibly long list of the various guidelines financial institutions must comply with, the following are a few of the most important:
Complying with the FFIEC and other regulations requires that best practices are followed that simplify, automate, and modernize processes among a variety of areas, such as:
Technology can make it easier for financial institutions to follow these guidelines. For example, a video management system that provides enterprise-wide health monitoring, audit reporting, and permissions management can help ensure maximum uptime. This is essential for empowering financial institutions to meet regulatory requirements for video capture.
These solutions can also ensure that verifying compliance or monitoring transactions are no longer time- and resource-consuming tasks. Through features such as user audit trails (which ensure that only authorized people have access to the system) and automated image verification (which alerts when a camera image is no longer the approved image), financial institutions can take a holistic approach to reducing complexity and increasing compliance effectiveness.
It can be difficult to keep up with the ever-growing index of compliance regulations for financial institutions. However, their importance and value are clear when it comes to protecting money and sensitive data—two of the world’s most precious items.
Learn more about how your business can make this undertaking easier with simplified and centralized control over your system.
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