...auditing all information considered core to their business operations. This management is often looked at as necessary in order to comply with the regulations and prevent legal or financial penalties.

Meeting compliance regulations has become top priority for business executives in every industry. In the past, cost reductions and process improvements were the primary focus for industry executives. The new century has been ushered in with an onslaught of regulations aimed at dictating the way that organizations manage and report information critical to the operation of the business.

Compliance for Financial Services

The compliance requirements facing financial services organizations can be classified in three areas: financial, privacy and healthcare. The financial regulations are focused on better management and reporting of financial information, the privacy of their client's data and the disclosure of suspicious transactions. Specific financial services industry regulations were passed to "encourage" organizations to implement practices that ensure information is controlled and protected. Financial services organizations--including banks, credit unions, insurance companies and investment firms--must also be able to report on the financial state of the client funds they are managing. Recent legislation, such as the Patriot Act and Anti-Money Laundering, has mandated financial institutions to report any suspicious activities that may occur in a client account.

Privacy legislation has been enacted to protect the personal information of an individual that interacts with...

NOTE: All illustrations and photos have been removed from this article.



Looking for additional articles?
Search our database of over 3 million articles.

Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication name or publication date.

About Goliath
Whether you're looking for sales prospects, competitive information, company analysis or best practices in managing your organization, Goliath can help you meet your business needs.

Our extensive business information databases empower business professionals with both the breadth and depth of credible, authoritative information they need to support their business goals. Whether it be strategic planning, sales prospecting, company research or defining management best practices - Goliath is your leading source for accurate information.