For financial businesses that manage large volumes of sensitive customer data, strict compliance is essential to ensure safe practices and protect themselves against severe sanctions by industry regulators. But providing a safe space for employees to share information and access sensitive data is a conundrum, particularly in an age of rising cyberattacks on prominent companies.
A finance intranet software platform, such as Claromentis, offers a robust solution that, not only facilitates seamless communication and collaboration but also strengthens data security and regulatory compliance. In this article, we’ll explore four ways that Claromentis can ensure financial organizations maintain safe and secure practices
1. A secure network for data-sharing
Financial businesses handle a vast amount of personal and financial data, making data security a priority. Claromentis intranet provides a secure network for employees to store and share sensitive information within the organization. Alongside a financial company’s data management policies and procedures, the platform utilizes firewalls, restricted access controls, and secure data encryption to prevent unauthorized access to confidential information.
2. Automated compliance management
It’s imperative that financial businesses adhere to strict regulatory compliance requirements, such as, for American businesses in the USA, the Gramm-Leach-Bliley Act (GLBA) and the Sarbanes-Oxley Act (SOX). Claromentis intranet simplifies compliance management by offering a secure platform to store and manage sensitive data and supports the implementation of access controls and audit trails to maintain security and transparency. Also, it allows e-forms to be created, for example, for customer complaints and incident reporting, that include all necessary processes to ensure a rigorous approach to data management and compliance.
3. Enforcing access controls
To prevent data breaches and unauthorized access, Claromentis intranet allows financial businesses to effectively enforce access controls. By defining user permissions and access levels, only authorized personnel can access specific information or perform certain actions, reducing the risk of data exposure, either by accident or intent.
4. Comprehensive audit trails
A transparent and traceable audit trail is crucial for financial businesses to achieve accountability and track data access. The Claromentis intranet helps to maintain comprehensive audit trails which record and document all user activities, including who accessed specific data and when. This creates a detailed record of data interactions which makes it easier to identify suspicious activities and respond to potential security incidents.