Financial Services

Increasingly complex data landscapes and regulatory pressures are creating new data sharing and security challenges. Traditional data sharing and authorisation mechanisms can’t support these complex new requirements, or provide the agility to keep up with the pace of change. New challenges need new solutions.

Compliance with flexibility

Financial Services organisations face a huge challenge ensuring their management of customer, employee and corporate data is robust and meets the needs of ever changing regulation; a growing number of external compliance requirements for schemes and services alongside internal governance and reporting. These requirements demand a flexible but granular approach to identifying risks to sensitive data through unauthorised access, whether this be accidental or deliberate. Allied to this is the need to support a closer relationship with the customer, providing accurate and secure storage of sensitive data and recognising their personal data sharing preferences in terms of consent and opt-out.

Symphonic has been developed specifically with multi-dimensional environments in mind. Recognising that access needs to be controlled across boundaries and in complex technology environments, we have delivered flexible and powerful capability to enforce organisational policies around data sharing and security. With powerful support for contextual authorisation including time, geolocation and device type, and supporting access notification alerts as part of access policies, Symphonic provides the right facilities to support complex Financial Services integration.

Data Aggregation and Filtering 

Legacy applications, databases and data warehouses need to be constantly changed in order to satisfy the increasing data demand requests; these data requests must also comply with ever changing regulatory compliance obligations (eg DPA, PSD, PCI-DSS).

Changes can be costly, complex and risky as there is usually a lack of documentation, lack of technical and/or Business knowledge, a limited amount of delivery time and limited funding. Testing of any change needs to be extensive in order to protect existing customer services and data. 

By abstracting data access rules away from the individual applications Symphonic provides a centralised policy management capability to change access rules once and apply these across the landscape. Risk is minimised by protecting application layers from unauthorised access to data.

Attestation and Certification

There is a need to ensure governance requirements are achieved through regular user attestation and certification; this needs to be at application, system and enterprise level. Elements are required for SOX, BASEL, DPA, Annual Financial Accounting & External Audits, Payments Schemes and many others. A large number of applications are usually administered by Business owners and current access entitlements and the associated data risks are not readily available in non technical language. The certification regularly is completed on the basis of previous entitlements being carried forward with very little granular information on what this actually allows.

Symphonic allows a 360 degree view of user entitlements both current and historic, allowing effective compliance with current regulation.

Financial services organisations need to become more agile to succeed, while balancing this agility with the need for strict compliance. Symphonic is purpose-built to cut through the technical complexity of access management in fast-moving and highly regulated industries.