Mitigate technology risk by knowing the rules and regulations that affect your business.
Get instant insights and understanding of your compliance status in a tailored centralised inventory of global, classified regulations.
How we solve for technology risk
Receive unbridled access to all regulatory data in a centralised inventory of global regulations regarding technology risk. As technology evolves and firms implement digital transformation strategies across the board, CUBE captures and processes the entirety of regulatory data from global issuing bodies and transforms it into classified intelligence. So you can make sense of your technology risk obligations and spot gaps in your existing system.
CUBE supports your second line of defence enabling the compliance, IT, information security and control teams to take the complexity out of regulatory change and focus valuable resources on mitigating risk. It enables firms to manage the rapid evolution of regulation in tandem with the pace of technological innovation.
Have complete visibility of all relevant regulation related to technology risk.
Intelligent, automated horizon scanning enables you to keep your finger on the pulse of relevant changes, capturing everything from information security and outsourcing to operational resilience and business continuity.
Policies and controls
Ensure technology related policies and controls meet regulatory expectations.
Ensure technology related policies and controls meet regulatory expectations. From third party risk to cybersecurity mesh, CUBE knows your business and whether your existing inventory is up to data and compliant.
Fully evidence decision making and actions taken relating to technology risk.
Automated workflows, tailored to your business, enable you to demonstrate that up to date and relevant information on technology risk has been routed to and actioned by responsible owners across the business.
Challenges faced by the industry
The operational resilience of the financial services industry is a priority focus of regulators, driven by increasing reliance on technology to access services and the catastrophic impact that outages have on customers and the wider financial system. Firms face an undeniable challenge in meeting regulatory and customer expectations while operating complex legacy infrastructure in parallel with innovative new systems.
With the ongoing dependence on technology for remote working, an increasing reliance on third party providers, and the ever-present threat of cyber-attacks it’s no surprise that technology and operational resilience is a major priority for firms. Not least for boards given the heightened scrutiny from regulators: particularly given the FCA now holds senior managers personally responsible for operational resilience, and high profile enforcement penalties have already been levied for major technology outages.
In Canada, OSFI has emphasized digital resilience and highlighted accountabilities, risk assessment and monitoring as areas that require enhancements. In the United States, the Federal Reserve, OCC, and FDIC published guidance, which outlines practices to increase operational resilience that are drawn from existing regulations, guidance, statements, and common industry standards.
While IT teams focus on internal infrastructure and external threats, compliance and risk practitioners need to keep pace with ever-changing technology related rules to ensure policies and controls meet regulatory expectations. The vast range of requirements, from information and data security to business continuity and operational resilience, requires financial services firms to keep up with developments to protect themselves, consumers and the market.