Part Two: A Single System of Record (Sarbanes-Oxley (SOX))
In this installment of our blog series, Managing Privacy and Risk in Financial Services, we examine governance risk and compliance across the industry.
Bob in Banking: "How much does it cost if we don't comply?"
Compliance: "Millions!"
Anyone who has worked in financial services understands how much compliance plays a role in almost every action across the lines of business. Financial regulators at the regional, national and global level establish an ever-growing set of rules which are aimed at reducing systemic risk, encouraging adoption of common standards, protecting customers and driving fair competition. It's all done with the best of intentions and those who adapt best can enjoy a competitive advantage.
However, if you don't comply, you'll get both a sullied reputation and empty pockets. The average company's internal costs of compliance are well over $1M per year—and over $2M for companies with more than $20B of revenues reports AccountingWeb.com. Yes, millions.
The answer is clear — a single system of record that houses all assets, their relationships, configurations, and changes to them where you can automatically track compliance. Yes, that exists. ServiceNow's Unified Compliance Framework (UCF) provides control in one place AND automates reporting based on incidents and changes.
In this blog post, I'll be leaning on my colleague Julia Smith to take us through the murky waters of Sarbanes-Oxley and more to provide information about how ServiceNow's Governance Risk and Compliance and the UCF can help: Continue reading on ServiceMatters.
Tune in on Friday, September 29th, for Part Three of this Six-Part series on Managing Privacy and Risk in Financial Services.
Next Posts:
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 Cyber 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.
- Download our white paper: How Banks Can Use the ServiceNow Platform for Compliance Operations
- Read related post: How ServiceNow Uses GRC to Reduce 66% of our SOX Administrative Burden
