Media conglomerate Thomson Reuters reported in 2017 that the number of regulatory changes a bank has to deal with had reached the staggering number of 185 per day, that year. That’s one change to be interpreted and implemented every 12 minutes. While not every one of these are within the scope of Identity and Access Management, many are.
In a world where agility means not only maintaining a competitive edge but also keeping up with the law, banks need agile and powerful IAM solutions that contribute to organizational agility, not slow it down.
Audit pressures are increasing
Of the several regulatory challenges that banks face, ‘Who Has Access to What Reports’ is an important one. Banks must prove to auditors that the access rights of employees are appropriate. Banks must also demonstrate that toxic access combinations that can spell trouble are being well managed and periodically reviewed.
If, for instance, a manager who has access to drawing cheques is also authorized to approve those cheques as well, the potential fallout could span from the loss of some money, to over-leveraging the bank to such an extent that it can fail.
For a bank to deal efficiently and effectively with Identity Governance and Administration and maintain compliance with constantly changing regulations, it must adopt a capable and, importantly, agile IGA solution.
First the core product
Ilantus offers such a solution. One of the most established IGA businesses in the world with over 20 years of experience in the domain, we know your industry inside out, as well as your challenges.
We pride ourselves in being a highly progressive and agile business, both in internal as well as external operations. For instance, while the world is quickly adopting cloud-based technologies we understand that banks prefer on-premise for obvious security reasons. banks tend to have numerous thick-client apps that other IAM vendor in the world struggle to supports seamlessly. Only Ilantus possess patented thick-client technology for this critical need – and this is just one example.
Banks also require stringent, multi-tiered approval processes for access allocations, employee password resets, and authentication need multi-factor authentication and access reviews need to be quick and painless.
Agility: The management philosophy we take pride in
Agility is not a mere development methodology for us. A management mantra rooted in our very DNA, it perfectly complements our customer-obsessed ethos.
For example, public cloud, private cloud or on-prem – we deliver them all. We offer multiple pricing options and are open to discuss your specific needs too. When new regulations hit you, and these become time critical, we are open to even prioritize these in our product roadmap.
We understand that in an increasingly complex world, long-term success is wedded to an organization’s ability to iterate, alter, and realign itself to the growing needs of markets that are themselves fluid. The banking sector’s newfound velocity of embracing changes calls for a vendor partner that is not only cognizant of a financial institution’s priorities but can also itself prioritize those areas to meet changing development and delivery timelines.
The Ilantus promise of agility is thus unique in the market – minimal red-tape and direct people connects ensure that we understand your business imperatives quickly, and for our teams to work together to ensure that you are always in step with regulatory requirements.