A Case Study for Financial Institutions Concerned with Regulatory Compliance

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In today’s regulatory environment, financial services organizations are faced with the significant and ongoing pressures of complying with a myriad of regulations and corporate auditing requirements from Sarbanes-Oxley, Statement of Auditing Standards No. 70 (SAS 70) and Federal Reserve to the Gramm-Leach-Bliley Act (GLBA), Basel II and CA1386.

Regardless of the regulation in the financial services industry, compliance is a fact of doing business. While each mandate adds requirements and/or addresses different types of data, all are inextricably linked to an increasing reliance on digital information and a realization that tighter internal controls are required to protect it.

Financial organizations also face the challenge of managing information and identity theft while demonstrating sensitivity to customer privacy and security. Defining best practices for data governance and data management at a policy level requires support at the technology level. Without automated ways to audit data, as mandated by numerous regulations, the cost can be an exponential burden to an organization’s bottom line. To add to this challenge, compliance is a moving target . The only way to stay ahead of the requirements is to implement flexible, comprehensive technologies that can accommodate the realities of a changing world.

For one world leader in financial services, these requirements were addressed using Tizor’s Mantra solution. This customer needed to meet corporate auditing requirements and enhance real-time monitoring and auditing controls over sensitive data for offshore outsourcing activity related to information technology outsourcing, business process outsourcing and remote database outsourcing.

The customer realized, at an early stage in the process, that they needed an enterprise solution capable of auditing data across unstructured data (files servers) and structured data (databases). The solution had to complement existing security and compliance efforts as well as expand to meet future data auditing and reporting needs–including the activities of outsourcing partners, Merger and Acquisition (M&A) activities and other initiatives. Partners, outsourcers, managed service providers and employees are required to have a higher level of trust.

In order to meet business objectives while achieving the right technical fit, the customer looked to a new category of security and compliance solution called Data Auditing and Protection. This customer saw data auditing as more than a short-term compliance solution. They viewed it as a long-term strategic initiative that would allow them to achieve greater ongoing control over data assets and, ultimately, competitive advantage.

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