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.
By exploiting a five-year-old configuration error, a hacker was able to access Amazon’s S3 cloud storage buckets on which Twilio’s code was loaded. As a result, customers were able to unknowingly download the modified code for twenty-four hours.
Qualys VMDR and Ivanti have announced a new partnership dedicated to improving the detection and patching of vulnerabilities. Announced July 30, the Qualys and Ivanti Partnership have already gone live as an integrated component of the VMDR solution.
IBM is changing the terms of its ubiquitous Passport Advantage agreement to remove entitled discounts on over 5,000 on-premises software products, resulting in an immediate price increase for IBM Software & Support (S&S) across its vast customer landscape.
RiskSense announced on July 13 its new version of the cloud-delivered RiskSense risk management platform. The main draw of the program is its holistic risk calculation across CVEs and CWEs.
Cyberthreats are omnipresent for any enterprise. Monitoring ingress and egress points while still conducting business is a balance security professionals attempt to strike. Couple this with the continued security issues around remote work during the pandemic, and security teams have their hands full.
Navigating the vendor risk management space, particularly in the current environment that consists of a mix of cloud, managed services, and critical supply chain, is key to ensuring that you don’t inadvertently introduce new risks through this dynamic channel.
On May 26, Kenna Security released its new Prioritization to Prediction Benchmark Survey. This free tool provides organizations with the ability to compare their vulnerability management programs to industry averages Kenna Security has compiled over the years.
From employee management through leadership and communication, increased cyber threats, logistics and operations to post-pandemic planning and risk mitigation, the threat landscape has experienced enormous change. These noticeable shifts force us to consider rethinking and retooling how we address risk.
In an interview with Allison Furneaux, VP Marketing at CyberSaint Inc., developers of CyberStrong Integrated Risk Management platform in June 2020, Allison indicated that its focus has been on cybersecurity from the beginning.