5 Aug 2016

Controlling Access for Financial Institutions

For most businesses, growth is the desired objective, but expansion introduces a unique set of challenges. As institutions grow and change to keep up with new technology, it is pertinent to analyze risk management and security solutions. One way in which businesses – specifically, financial institutions – adapt to this evolving environment is by streamlining access control for users.

Financial institutions, such as banks and lenders, are faced with high restrictions and regulations. It is not an option, but a required necessity to address access control when examining workflow and implementing a reduction in error and security breaches. Controlling access in the financial sector not only meets compliance standards, but leads to operational and security improvements as well as a higher return on investment (ROI).

When it comes to integrators mapping out a security plan for institutions, access control is at the center. Identity and access management technology centralizes security strategies to provide a comprehensive overview for users, but simply installing a system is not adequate. Businesses must take a closer look at organizational roles when it comes to levels of access control. It is important to avoid excessive access that can lead to increased risk, and depending on the institution’s needs, it may be best to blend various levels of access depending on status.

Because organizations can be quite large and span multiple buildings and locations, it is important that different software integrates and works together cohesively to cover employee access across the business. The ability for users to access multiple systems simultaneously improves efficiency, and tailoring that access based on roles and responsibilities provides a necessary level of security.

With any business, roles change, employees leave and business processes evolve. This can lead to unnecessary access rights and increased risk. There are many ways to proactively combat and manage these risks. Many access control manufacturers are taking this need into account and ensuring that access rights can be quickly updated to reflect up-to-the-minute changes. Additionally, blending surveillance video data with access control management can offer essential situational awareness that increases user readiness and effective communication in the event of an incident.

It is critical for the financial industry to aggressively address access control to safeguard customers, employees and assets. In addition to compliance regulations, security measures are vital to maintain safe and efficient operations. Integrating a strong access control system can ensure a security plan that meets user needs as well as institutional compliance.