In March 2020, ZA Bank, Hong Kong’s first virtual bank, selected the OneSumX solution from Wolters Kluwer for regulatory reporting.
The banking industry is obligated to comply and report on regulatory compliance at a level beyond that required of most other industries. ZA Bank launched its virtual service on March 24, 2020, ushering in a “new era of innovation in the local market.” The decision to outsource the regulatory compliance and reporting aspect allows ZA Bank to focus on its primary service delivery objective of quality and to maintain agility in its operating model.
The OneSumX regulatory compliance service and solution is part of a bundle of governance, risk, and compliance services and technologies offered by Netherlands-based Wolters Kluwer, a recognized leader in regulatory reporting in the financial marketspace. In a recent proof of concept, PwC and Wolters Kluwer successfully demonstrated that by using artificial intelligence (AI) and machine learning (ML) in the regulatory reporting space, they could “build productive models with high accuracy and flexibility.”
With the increasing oversight and regulatory compliance requirements present across key industries such as the financial sector, stratification within the governance, risk, and compliance space is key. This high degree of specialization allows for the development of the customized levels of reporting and oversight needed to properly address the unique needs of the market segment in question.
Beyond maintaining an active watch internally, organizations must be vigilant to the rapid changes in regulations required in their business sector and by their stakeholders. In the world of international banking, this requires tracking the regulatory compliance rules and updates from dozens of countries around the world.
Amalgamating information from diverse internal systems and reporting to the specifications of international regulatory frameworks in a manner that is both consistent and adheres to the requisite level of detail is challenging. Providing management insight and simplifying regulatory compliance reporting are areas that will benefit from the integration of complementary analytics provided by AI and ML capabilities.
Source: SoftwareReviews Governance, Risk and Compliance Data Quadrant, Accessed April 22, 2020.
The Department of Justice is looking to acquire a GRC tool for the Office of the CIO within the FBI’s Enterprise Information Security Section.
The International Association of Privacy Professionals (IAPP) has released its 2020 Privacy Tech Vendor report, reviewing key software solution vendors within the space. This year’s report highlighted the recent addition of Data Subject Request (DSR) to the feature categories.
In early March, Titus released Titus Illuminate 2020, which was the company’s answer to the question of analyzing data at rest. This latest version of Illuminate leverages machine learning and AI in an effort to manage data that contains potentially sensitive or high-risk personal information.
PHEMI is a data privacy solution focused on keeping data-processing activities secure by redacting information based on the role of the accessor. Thus, allowing such data to be used for multiple use cases without compromising privacy.
Kenna Security deployed their new data driven vulnerability management program, Kenna.VM and accessory program, Kenna.VI. Released on April 28th, Kenna.VM was created with the purpose to set service-level agreements (SLAs) with risk tolerance in mind.
“Connected reporting capabilities, control testing, real-time collaboration, cloud-based access, stringent security measure and permissions controls” are considered the leading factors behind CFGI offering Workiva to its clients.
We often hear that businesses are continually cyber insecure or under attack. However, recent penetration testing from Rapid7 shows that businesses are getting better at securing their networks against cyberattacks. While organizations continue to have exploitable weaknesses, attackers are having greater difficulty penetrating deeper into businesses’ networks.
Four zero-day vulnerabilities were discovered in IBM’s Data Risk Manager. While the vulnerabilities are concerning, more so is IBM’s response when addressed. The company simply stated, “It’s out of scope.” – meaning it had no intention to rectify or address the issue.
The Internet of Things is increasingly embedded with our daily lives. While these devices make life more accessible, for every new device, a new attack vector for cyberattackers is created.