Compliance and Risk Management for Financial Institutions

 

risk management for banks, risk management for financial institutions

The US Department of Treasury regulator OCC and international banking regulators have now included cyber attacks as a “major factor affecting… operational risk.”  Financial institutions should implement robust risk management processes… to properly identify, monitor, measure and control the operational risks posed by cyber-threats.”

Already the most heavily regulated industry; the financial sector  can now expect even more compliance scrutiny.

Cyber risk is first and foremost a business risk with considerable negative impact. Cyber-attacks affect the availability and response-time of services, as well as increasing the likelihood of fraud, theft of sensitive data and identity theft.

Given the soaring operational costs and reputational damage of cyber-attacks, financial service executives can no longer continue to accept their cost.  

 

Proactive, Cyber Risk Management for Financial Institutions

Cyber risk management in banking, insurance and other financial companies can minimize costly and brand-damaging crisis management.  WCK GRC for financial services delivers:

Business visibility of cyber threats.  Aligning cyber risks to operational risk models (Basel, Solvency) enable more effective decision-making and investments.

 


 

What is Business Visibility?

Business visibility of cyber threats enables better decisions and investments.  Financial organizations find it difficult to understand and control the cost of operational risk caused by cyber threats. In order to do so, they need to find a way to meaningfully correlate cyber & IT risk to operational risk.

  • WCK provides a common business language for facilitating communication about technical risks between the CIO, the CISO,  upper management and non-IT risk departments, without forgoing technical depth. The two domains normally use widely different languages and standards for analyzing risks and controls.
  • Maps IT controls to existing operational risk frameworks such as Basel II and Solvency II. Managers can analyze exactly how their security findings affect residual operational risk levels.
  • Built-in visual tools provide business impact analysis of cyber risks. Unique Dependency Maps trace how risks propagate across organizational processes and complex environments.
  • Performs smart risk aggregation and root-cause analysis. WCK’s aggregated risk management for financial institutions is based not just on risk criticality, but takes into account the business impact, and the dependencies between business assets and the technical components that serve them. In 3 clicks, executives can zoom in and find the root-cause of a risky business process or service, down to the specific technical finding.
  • Decision-support tools, customized dashboards and flexible reports enable management insight from different perspectives – such as operational, financial, brand, safety and productivity.

 


 

Holistic Compliance and Risk Status Correlates Findings of Multiple Risk Sources   

Most organizations today use multiple point solutions such as:

  •  human audits and reviews
  • event management systems (such as SIEM)
  • penetration tests
  • network scanners,  application scanners, and more.

The result is  big-data chaos.  With so many unrelated and often unstructured findings, its almost impossible to get a single, cohesive picture of your risk.  WCK is much more than a documentation tool and database. It provides a wealth of analytics so that organizations can achieve a single and more complete compliance and risk and compliance posture.

It allows you to –

  • Achieve a single, unified risk and compliance posture by aggregating, and analyzing a wealth of big-data findings from multiple sources of risk, and correlating them around common assets.
  • Uncover hidden vulnerabilities with visual tools that model the complex dependencies between IT assets, logical assets (such as processes, services and regions) and physical devices and non-standard systems.

 


 

Streamlines Compliance and Risk Reduction Workflows

  • WCK improves remediation using an automated and prioritized mitigation workflow. Activities are prioritized taking into account both technical severity and business impact. This ensures that investments are effectively focused on reducing the risk that is most likely to harm the business.
  • Streamlined workflows automate most of the mundane, operational tasks of mitigation and audit management, generating emails, alerts, chats and escalations.  Users can filter and tag risks and mitigations for easier management of risk and compliance.

 


 

WCK’s Flexible Framework results in a Quick ROI and Efficient Risk Management for Financial Institutions 

The common practice of using ‘vanilla’ questionnaires for audits and reviews results in wasted time on irrelevant questions or worse, valuable time of senior consultants spent on adding missing, relevant questions. For example, a database server storing sensitive customer data mandates a different policy and set of questions than a server with marketing data.

 

The software enables flexible, multiple policies that are customized for each asset and seamlessly enforced by the organization.  WCK enforces asset-driven policies based on:

  • Type of asset – Region, Service, System, Building, Router, etc.
  • Other asset properties – outsourced, cloud, IP data, HR data, or any other parameter needing a different set of controls.

 

Objective, fact-based questionnaires are automatically created by blending the right mix of controls from multiple policies based on the asset type, and each asset’s specific properties. As a result, less experienced consultants or employees can collect factual answers.

 

Value within weeks & a quick ROI are driven by WCK’s unique approach of  asset-based risk management for financial institutions.  Importing legacy data and integration with 3rd party solutions are simplified by correlating findings around assets, instead of requiring detailed mapping of thousands of finding to controls.

 

Automated risk assessment. WCK analyzes audit responses and performs an automated risk assessment, further reducing the need for a higher level of expertise during much of the review lifecycle.

 

Cost savings on risk management processes. Fine-tuned policies increase assessment efficiency and results in more efficient utilization of senior experts and consultants. Their valuable time can be used where it contributes most – creating accurate policies and exposing hidden vulnerabilities.