Financial Services Compliance Software: The What, Why, and How

May 29, 2024

Today’s security challenges are complex and your organization needs a solution that will handle all the ins and outs of the issue. That’s where financial services compliance software comes in.

Designed by experts in the industry, Compyl confronts the challenge as a powerhouse for organizations looking to streamline the security process and increase efficiency. What is this software, why is it important, and how does it work? Let’s take a look.

What Is Financial Services Compliance Software?

What is financial services compliance software?

Compliance software for the financial services industry is the answer to a robust security foundation. No company wants to be in a position where they’re regularly asking themselves “Are we secure?” but far too many are using programs that put them in this situation. Patching together a variety of single-solution tools to find any semblance of safety and security takes time and energy away from other important matters within the organization.

Our platform takes individual programs and puts them together for convenience and efficiency in security. Key features of our security and compliance automation platform include:

  • An open landscape that shows overall compliance, risks, associated costs, assessments, and current integrations
  • Separate sections that detail specific dashboards
  • Security policy management 
  • A reduction in the process of gathering data and evidence, streamlining the security process, and improving audits
  • A completely customizable, configurable, scaleable program

With Compyl’s financial services compliance software, your security posture is never in question. We have taken every concern and integrated a modern GRC strategy that puts all your security measures in one place. It works for small businesses just starting to get their footing, and it is effective for large organizations that have an existing program and are looking for an upgrade.

Why Is Compliance Software From Compyl Essential in Financial Services?

Why is financial services compliance software essential?

The world of technology in financial services is always changing. With recent advancements, your company could be at risk. Not only does this put your organization in a tough position, but your clients and customers are also potentially exposed to certain risks.

As a company your clients trust, you have a responsibility to stay one step ahead of technology so your information is never compromised. As you grow your business using Compyl financial services compliance software, there are three main advantages you’ll find.

1. Gaining Visibility

It’s not always easy to pick out the security measures that are working well and those that need to be fine-tuned. Our software does the hard work for you. By integrating into your current infrastructure, those issues become visible so we can work on them together. Some measures include:

  • Custom policy generation
  • Vendor and contract management
  • Risk and incident register
  • IT asset register

By pulling your entire security program into one platform, you can easily see what is going on. Assignments, tasks, and reports follow through completion within the platform and you can track any process in real-time.

2. Establishing a Baseline

Your most critical information needs to be the top priority. Our software aggregates your data and turns it into actionable steps. Some of these steps include awareness and phishing training, KPIs, activity logs, dashboarding and reporting, compliance management, and ISMS management. Establishing these baselines with our financial services compliance software sets you on a course to increased security.

3. Growing Compliance

Industry requirements often change quickly. Your organization needs to have the ability to comply just as quickly. Our software allows you to grow with confidence, adapting to expansions and other industry standards that require full compliance. This might include employee lifecycle, ongoing risk management, regulation changes, system integrations, vendor onboarding, and virtual CISO.

How Does Compliance Software Work?

Do you know how financial services compliance software works?

Compyl takes your existing security program and rapidly matures it to meet the current requirements of the industry. Several steps come together as a unified front for security.

On-Boarding and Automation

Our first step is on-boarding when we guide you through the initial configuration and setup of the software. We’ll identify your current goals and begin to assign tasks to different individuals, departments, and programs within the organization.

The automation engine assists in streamlining those processes with repeatable routines. Error-prone, redundant, and manual tasks get eliminated, and continuous compliance and security are maintained.

Policies and Standards

Taking a look at your current policies, standards, and procedures allows Compyl’s financial services compliance software to avoid organizational lapses. Current trends and requirements in the financial industry generate new, custom policies, and a centralized system assists your company in implementing them with integrity and efficiency.

Task Management

Having a central location for all tasks requiring completion is essential in an organized security system. Compyl creates that central location, giving you an understanding of the relationship between tasks and associated controls. Task management allows you to regularly track and trend compliance and security.

Certification and Compliance

With completely customizable controls, your security software fits your organization. This gives you the ability to maintain compliance across a variety of frameworks and streamline new adoptions as the company grows.

Registers

Tracking and trending risk mitigation strategies is easier with generated risk management reports. Risks get linked to different vendors, controls, categories, and systems so you can see where improvements should occur.

Incident registers show how your organization is responding to various incidents. Response playbooks are created and each incident gets assigned to its appropriate stakeholder. Vendor registers assist you in securing only the best-in-class vendors that pose the lowest risk. This helps you avoid fines, loss of reputation, and legal fees.

Contract registers pull all your contracts into one place, avoiding lapses and allowing for re-negotiations. Analyses of qualitative and quantitative contracts are conducted. IT asset registers allow you to maintain complete visibility as you manage assets and gain insight into critical scoring.

Request a Demo for Financial Services Compliance Software

You can’t go too far when it comes to the security of your institution. Your business and employees deserve security and your clients do as well. Compyl offers the most comprehensive software that streamlines and improves the process. Request a demo today to learn more about financial services compliance software and what it can do for your organization.

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