Financial services face copious regulations, trailing only insurance and manufacturing as the industry with the highest number of restrictions.
Famous compliance failures may evoke memories of blockbuster penalties like those surrounding the 2008 subprime mortgage crisis, more recent recurring illegal mismanagement, or Ponzi schemes. But, more often than not, the hoops that financial organizations must jump through are hidden behind the headlines.
Among increasingly challenging regulations are those surrounding network compliance. Post-pandemic work is shifting the regulatory environment to strengthen the complex networks that facilitate distributed workforces. Likewise, finance is a prime target of cyberthreats, challenging network teams to evolve their security approaches while simultaneously meeting security regulations. On top of this, organizations must retain compliance throughout periods of mergers and acquisitions that necessitate complex integrations of heterogenous networks.
In order to understand network teams’ compliance needs, it’s necessary to understand their challenges. Starting with the disruptive event of a major merger, let’s explore the immediate tasks network teams must accomplish to attain compliance, the continued work they must take to retain compliance through the business cycle, and the information they can gather to anticipate auditor expectations. In doing so, we can begin to understand how to align people, processes and tools to alleviate the burden that is financial services compliance.
