Part One: Managing Privacy and Risk in Financial Services
Six-Part Blog Series: Managing Privacy and Risk in Financial Services
I came to ServiceNow from the financial services industry. I know, all too well, the regulatory struggles you face. ServiceNow technology combined with industry expertise has been essential in crafting strategies to manage your regulatory burden. Here, at ServiceNow, we've done just that. In this 2-week (Monday — Wednesday — Friday) blog series we'll dive into both the regulatory details and compliance solutions. You can follow the series on ServiceMatters.com.
The financial services industry is held to a higher standard.
Around half of digitally savvy customers were happy to share more data with their bank, if they got something in return, according to an EY Consumer Banking Survey. When a retailer, for example, uses data to offer shopping discounts on shoes, rarely is anyone concerned. However, if a bank or insurer uses the same data to calculate a cross-sell opportunity or insurance premium, it can feel invasive. Financial services organizations are not held to the same standard.
What are your intentions with my data?
This is when regulators step in and ask, "What are your intentions?" The EU is leading the charge on asking all organizations that process EU citizen data that very question. Continue reading on ServiceMatters.
Next Posts:
Part Two: A Single System of Record (Sarbanes-Oxley (SOX))
Part Three: The Cost of Non-Compliance (GDPR)
Part Four: Responsible for You and Your Friends (Vendor Risk)
Part Five: We Have a Plan (NY State Cybersecurity Regulations)
Part Six: Rinse and Repeat (IT GRC)
Additional Resources:
Join us for our webinar, "Managing Privacy and Risk in Financial Services" on Tuesday, October 10 at 8:00am PDT/11:00am EDT. Experts from Nomura and ServiceNow will share their tips and strategies for managing compliance in the financial services industry. Nomura will walk us through their case study on a recent NFA (National Futures Association) procedure and ServiceNow will offer GDPR guidance and solutions to issues like vendor risk.
