Industry Regulatory Compliances in Financial and Healthcare that Require IAM Solutions
As IAM solutions emphasize the importance of its role in helping financial services and healthcare organizations meet compliance requirements, it is imperative to take a closer look at each one of them and how they can be addressed at different levels.
Regulatory compliances and IAM technology go hand-in-hand, as they focus on the same two entities — user and data. At a high level, it includes users’ actions around data, users’ accountability, users’ privacy and data protection. While IAM implementation is often believed to be a high-expense task for organizations, it is also pegged as an investment — that too is a smart one! How? It is about impending threats, strategically creating IT systems for business efficiency and improvements. The benefits from achieving compliance are twofold — meeting basic security requirements and bringing operational efficiency through automation of IT processes related to user provisioning, authentication, SSO, attestations etc. As IAM solutions emphasize the importance of their role in helping organizations meet compliance requirements, it is imperative to take a closer look at each one of them and how they can be addressed at different levels. Many regulations require organizations to harness IAM technology. Violations of regulatory compliance often result in harsh penalties. In this blog, we focus on the various industry regulations in Financial Services and Healthcare sectors that require businesses to implement IAM solutions.
How do IAM solutions help the financial services industry become compliant with regulatory policies?
The financial services industry, especially sectors such as banking, insurance, risk management, wealth management, asset management, and others are monitored at the State and Federal levels. As per the financial services or banking institution’s structure and charter, it is subjected to various regulations, including Sarbanes-Oxley Act (SOx), GDPR, OMB A-123, Basel II, Consumer Privacy, Data Privacy, Check 21, Anti-Money Laundering, SAS 70, BSA, MiFID, PATRIOT Act and others. With the implementation of IAM solutions, organizations are assured of fulfilling governance…
