Digital transformation has greatly enriched businesses, but has also increased technology risk.
Today, financial institutions rely on technology to support business processes, handle massive amounts of critical (big) data and satisfy client demand for rapid service at reasonable cost.
For neo-banks and other digital and mobile-only financial services providers, technology risk is a mission-critical concern. And for long-established financial institutions, which have been much better at introducing new technology than retiring it, technology risk is heightened by the tendency to retain aging technology.
Technology-related failures can be catastrophic. Their impact can include data loss, system weakness or total failure, project failure, tarnished brand reputation, depressed share valuations and costly, lengthy and shameful litigation. Given its importance and impact, it is hardly surprising that technology risk management has become a top concern for many financial institutions.
Mitigate technology risk by knowing which regulations relate to your business, get rapid insights into your compliance status, gain time to create effective policies and controls, and monitor your real-time compliance status.
CUBE supports your second line of defense by working with the Compliance, IT, Information Security, Cybersecurity, and Control teams that want to take the heavy-lifting out of their regulatory change management process.
Comply with regulation and industry-standard technology risk frameworks with CUBE
Due to the rapid pace of technological innovation, and constantly changing regulation, the most effective ways to mitigate technology risk are to:
- Have complete visibility of all regulation relevant to technology risk, enterprise-wide
- Quickly align them with your business to ensure you have compliant policies and controls in place, built on current, globally-recognized, industry-standard frameworks, including ITIL, NIST, and many more
- Maintain a defensible audit trail that fully evidences your compliance actions and decision rationale
Underpinned by Artificial Intelligence (AI), Natural Language Processing (NLP) and Robotic Process Automation (RPA), CUBE Digital Regulation Platform (DRP) delivers exceptional automation of the entire regulatory intelligence and regulatory change management lifecycle for technology risk management.
With CUBE, you know which regulations are relevant to your business, you get rapid insights into your compliance status, you gain time to create and apply effective policies and controls, and you are able to monitor your compliance status in real time.