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Vendor Management for
Banks - Beyond Compliance

The study, conducted by Factpoint Group, reports results on the value of vendor management to banks.

Download the ITM CIO Success Guide chapter that explains the audit-based principles behind the Sarbanes-Oxley Act and how they relate to common IT management practices.

The Resource Burden of Regulatory Compliance

How do you effectively manage regulatory compliance risk while preventing compliance activities from consuming ever more of your organization's precious time and resources?

Today's businesses face an increasingly stringent regulatory compliance environment in which Sarbanes-Oxley, Basel II, HIPAA, and Gramm Leach Bliley have become all too familiar terms. Much of the burden for maintaining and documenting compliance falls squarely on the shoulders of IT.

According to a recent Gartner survey, IT spends as much time on compliance as the finance organization, with 80% of respondents indicating that their companies have a dedicated IT compliance organization. Companies often find the cost and effort involved in ongoing compliance testing, documentation, and reporting to be much greater than initially expected. As we pass the third year of SOX compliance, many organizations are realizing that meeting regulatory requirements is not a one-time event, but an ongoing and costly obligation. To help manage compliance activities, organizations have primarily turned to traditional in-house tools such as spreadsheets. However, these tools have not delivered the regulatory process efficiencies desired and are ill equipped to handle the variety of content involved such as regulatory and control process documents and diagrams.

Reducing the Cost of Compliance with ITM

ITM Software has responded with a compliance management solution that enables organizations to efficiently and systematically meet regulatory obligations and achieve compliance risk objectives while lowering the cost of compliance and reporting.

The ITM compliance solution allows you to reduce compliance spend while gaining compliance confidence:

Define, document, and catalog IT processes, risks, and controls and link them to IT services, projects and business operations.
Monitor and evaluate assessment activities.
Attest at the IT process and control level.
Quickly generate and publish reports that provide accurate compliance status.
Proactively Manage and enforce compliance policies.
Meet compliance obligations faster with fewer resources.

When these capabilities are combined with a strategically aligned and well thought-out regulatory compliance program, significant time and cost savings are realized. Individual controls can be leveraged across multiple regulation obligations, risk-oriented approaches to compliance policy and process can be employed, and individual control status and compliance reporting automated.

The result is validated regulatory compliance and reporting on time, at a lower cost, and with fewer resources.

Need to Reduce the Cost of Sustained Compliance?

ITM Software's team of former CIOs and IT leaders have worked with numerous IT clients to help them more effectively achieve and sustain regulatory compliance. We can help. To learn more about how ITM Software can help you tackle your outsourcing challenges, please contact us.