The Financial Services industry is highly regulated by FINRA, the SEC SOX, Dodd-Frank, and a multitude of other government regulations and laws. The financial services industry has adopted technology in response to some of these stringent information governance requirements, but this task is iterative. There is no end to the constant push and pull of innovation, and compliance for legal and regulatory purposes requires a holistic approach. Security, mobility, data privacy, social media, voice and text messages as well as instant messages all fall under the purview of information governance.
The financial industry is perhaps the most vulnerable sector with regard to information governance. The sheer volume, number of regulations and global nature of business today make compliance challenging, but not impossible.
Fortis Quay, Inc. has identified the following problematic trends for banking, securities and insurance. The below all suffer from a lack of coordinate people, process and technology:
- Ineffective document retention and records management policies and archiving strategies
- A lack of efficient, repeatable and defensible eDiscovery capabilities
- Poorly coordinated cloud migrations that don't account for multiple foreign jurisdictions and data privacy requirements
- Unwieldy social media usage due to outdated polices and improper training
- Insufficient data loss prevention and encryption technology and implementation
Fortis Quay, Inc. can consult with financial organizations on
- Information governance and data hygiene consulting through data mapping to mitigate risk, unexpected lawsuits and other unforeseen liabilities
- Assessment of necessary workflows and technology to address deficiencies
- Develop the Information Governance Committee™ to manage ongoing innovations, laws, regulations and risk, in the jurisdictions of organizational operation.
- Policy creation, technology selection and employee training