Note: Data-Tech chose to employ Kaseya’s Remote Monitoring and Management (RMM) tools after a three-month evaluation process where our engineers conducted an intensive head-to-head analysis, comparing Kaseya’s RMM tool against a competing, less expensive tool that is used by the majority of managed IT providers in our area.
Our testing revealed that Kaseya, far and away, blew the competitor’s offerings out of the water. That said, Data-Tech proudly partners with Kaseya to offer our clients the very best RMM technology on the market as part of our award-winning Versa Managed Services package.
As a CIO, IT Manager, or MSP servicing financial institutions, you realize that compliance is an important priority. You need to be able to manage both internal compliances, ensuring employees follow operational policies to mitigate risk and external compliance following the rules and regulations established by outside entities such as the government.
Realizing the need for compliance is just half of the equation. Being able to effectively manage that compliance in an efficient and cost-effective manner is the second part. Let’s briefly look at some of the issues facing financial institutions concerning compliance, and then look at how you can achieve the second part without a big bank budget.
Compliance, auditing, and security issues keep financial professionals awake at night, and rightly so. Security lapses and failures in compliance can lead to huge fines, ruined reputations, and lost customer confidence. A CDW sponsored survey in 2015 asked senior executives at banks what concerns they had for their banks:
Compliance issues for financial institutions are compounded by the fact that most financial institutions have branches and facilities spread across wide geographical areas, and that different departments within an institution have different rules and regulations. In addition, the growth of online banking has added to the complexity of maintaining compliance.
U.S.-based financial institutions face fines that could be in the billions of dollars for not following government regulations such as the Patriot Act, Sarbanes-Oxley, and HIPPA. The Federal Reserve, the Office of the Comptroller of Currency, the Consumer Financial Protection Bureau, and other agencies all have their own set of rules and regulations for financial institutions. Financial institutions in other countries also have to meet multiple sets of regulations at one time. Trying to manage multiple devices in multiple locations for such a variety of regulations can be time-consuming, complex, and costly.
A follow-up question in the CDW survey asking what the executives felt had the most negative impact on profitability drives this home:
So, efficiently maintaining compliance could get rid of many of the nightmares financial executives find disturbing their sleep.
A Reuters study found that 81% of those responsible for compliance feel there will be a significant and continuing increase in the volume of regulatory information in the coming years. Yet, most reported there wouldn’t be significant increases in the budget to meet the demands.
There has to be a way to efficiently maintain compliance even if you don’t have the deep pockets of the megabanks. It doesn’t have to be the drain on profits it is now, nor require resources only big banks can afford. Nor does it need to be complex, time-consuming, and difficult for IT to manage the infrastructure to ensure everyone is in compliance. The key is in finding the right tool to manage compliance, auditing, and security – one tool that does it all efficiently. For compliance issues, that tool should provide:
Kaseya VSA does this and more. These features, plus its scalability, allow it to grow with you to meet demands without the need to drastically increase staff or budget. By allowing you to access everything from one pane of glass, you can easily check on policies and procedures for every device. Automatic updates and patching help you avoid missing a device and having it fall into non-compliance. It is easier to stay current on regulations and add policies as needed when you can push updates to all devices from one single console. You have control over all locations and devices, even if you are away from the office – including from your home.
Maintaining compliance is just one-factor financial institutions need to consider. Future articles will discuss two more important areas – auditing and security. You’ll discover how Kaseya integrates it all and improves your efficiency to save you time and money.