For the financial services industry and global economy, COVID created unprecedented disruptions that ultimately required financial businesses to change pace. Although global markets and businesses are now on the path to recovery, these firms are still challenged with heightened risk and uncertainty. As we enter the second half of 2021, our team has identified areas that will require close monitoring from leadership and compliance teams.
Ransomware attacks often target a company’s sensitive internal data, making unprotected, unbacked up data a key vulnerability within a firm. Without a safe, secure, and separate store of a company’s vital data, its operations can be brought to a complete standstill by a ransomware attack. Downtime caused by an attack can stretch to over a month as companies work to clean systems and restore data.
While traditional ransomware protection comes in the form of anti-virus software, ORION works differently. ORION is a secure data archiving platform, providing an additional layer of data protection from attacks by creating an immutable copy of your company’s data separate from your operational network, and therefore, safe from an attack. ORION works by archiving all of your data hourly, ensuring a near real-time store of your company’s data that can be recalled and restored in the event of an attack.
Scrutiny on market transactions, specifically related to COVID transactions and stimulus payments
In 2020, FINRA reviewed 79.7 billion transactions every day. Because of the large amount of aid that was distributed to businesses and individuals during this time period, regulators will be specifically reviewing for anti-money laundering and fund misuse. Proper documentation and policies will be integral to making sure your firm is not scrutinized during this time.
Shift to digital business
There is no doubt the pandemic has changed business and workplace activity. Operations evolved by implementing digital controls and processes, and this theme continues even as many businesses go back into the office. Regulators will require greater oversight on these digital transactions, specifically on technical innovation and operational changes.
Preparedness is the key to tackling the compliance requirements posed by emerging regulatory changes. Regulators will continue to be stringent on requirements, and making sure your team is informed and prepared in case of scrutiny is vital to your firm’s success with regulators.
Maintaining a positive relationship with a regulator is vital to your firm’s success, especially during this time. Our team has previously put together a blog on bolstering your relationship with regulators. To read, click here.
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Rijil is responsible for overseeing the day-to-day operations of Infobelt India Pvt. Ltd. He has been integral in growing Infobelt’s development and QA teams. Rijil brings a unique set of skills to Infobelt with his keen understanding of IT development and process improvement expertise.
Kevin is a co-founder of Infobelt and leads our technology implementations. He has in-depth knowledge of regulatory compliance, servers, storage, and networks. Kevin has an extensive background in compliance solutions and risk management and is well versed in avoiding technical pitfalls for large enterprises.