IBM Rational for Financial Services (Banking, Insurance and Financial Markets)
The Danske Bank Group has boosted the efficiency and quality of its IT development practices significantly. By adopting agile development practices, Danske Bank also expects to improve the quality of deliveries and to achieve work processes that come more naturally to the employees. In support of the agile development process, which is based on SCRUM, XP, and other agile practices, the IT department of Danske Bank has chosen IBM’s project tool, Rational Team Concert.
Read the article <here>
A staggering 28% of financial sector executives admitted to risk and compliance failures!
By Cindy VanEpps, Strategic Industry Solutions lead for IBM Rational software
It is any wonder… The financial services industry is facing more and more regulations. In the United States alone, 70 new studies by 11 different regulators were underway in late 2010, as well as 240 new rule-making processes.
Compliance - its costly; its complicated, its dynamic. Financial services institutions are significantly impacted and impeded by compliance costs and risks.
Consider the staggering costs: one studies show that for every $1 billion in revenue, the cost of compliance programs can come close to $6 million. Another study shows the cost of Sarbanes-Oxley compliance alone averages $4 million for companies with $5 billion revenue, and $10 million for companies with $10 billion and more in revenue.
Really think through the implications of new major financial services industry regulations, including:
And considering breakthrough technologies such as smartphones and tablets as well as the desire for a single view of a customer across the enterprise, and business analytics to make smarter decisions – they only pile on the demands, risks and costs of compliance.
While compliance costs and risks are soaring, the effectiveness of traditional methods of compliance management appears to be declining… So how can recent advancement in application lifecycle management solutions help us manage the lurking dark shadow of compliance with the shiny new objects of innovation and intelligent business?
Complexity demands automation: We must be able to capture, understand, plan for and manage the changes to IT systems and product portfolios of the enterprise to ensure that compliance is maintained effectively and innovation is implemented correctly in harmony.
Risk management requires collaboration and visibility: The competing demands on resources require that the business visionaries and the compliance officers can, at all times, see the progression of their needs being met and maintained.
Cost containment requires development intelligence and continuous improvement: Ensuring streamlined remediation (compliance) and implementation (innovation) that do not break each other requires a strategic analysis and view of how people, processes and tools are working together.
So, where do financial services institutions start? With upfront planning…
Imagine being able to objectively organize, understand and use sophisticated tradeoff analysis and financial modeling to plan and execute responses to changing regulations. Understanding the impact of change certainly helps dramatically reduce the costs and risks of compliance management.
Planning for compliance
Planning for compliance includes two different levels of planning and decision-making, namely:
IBM offers the IBM Rational Compliance Accelerator for Financial Services which was specifically created to help financial services institutions balance regulatory compliance and business innovation opportunities – enabling customers to understand the impact, streamline the planning and accelerate the execution of compliance and business initiatives.
Do you want to learn more about it? Hear what Frost & Sullivan says about
the complex compliance environment of the financial services sector - view
their recent webcast here
Ascending the maturity curve: Effective management of enterprise risk and compliance, written by the Economist Intelligence Unit
IBM Global Business Services Executive Report: From complexity to client centricity
OCEG Benchmark Study 2005
META Group research conducted on behalf of PricewaterhouseCoopers
At a time when financial institutions are becoming more reliant on web technology to deliver innovative features and services to their customers, hackers are increasingly targeting web applications. According to a recent IBM Internet Security Systems X-FORCE™ research and development team report, 49 percent of all vulnerabilities disclosed so far are web application vulnerabilities.
Undetected vulnerabilities in web applications or web services can leave financial institutions at risk of security breaches from external or even internal sources. The opportunity to introduce risk increases with the growing variety of devices that allow their customers to access their financial data as well. And network security measures such as firewalls and intrusion detection systems do not address the risks presented by vulnerable web applications, which often expose valuable and confidential back-end resources, such as databases that contain confidential customer data.
Unfortunately, these are not the only issues financial institutions are facing. Compliance with regulations such as the Payment Card Industry Data Security Standard (PCI DSS), Children’s Online Privacy Protection Act (COPPA), Gramm-Leach-Bliley Act (GLBA) and Sarbanes-Oxley Act can be a challenge. So, finding a cost-effective way to protect your systems, applications, private data and customer information while supporting compliance with applicable regulations is a top priority.
Learn about the IBM Rational solutions for web application security and compliance --- take a look at the solution brief called: Minimize your financial institution’s security risk
Are you having trouble aligning your global IT services with the corporate, partner and client business objectives?
Are there silos in your organization - between your architects, development and infrastructure teams inhibiting transformation?
Is software development marching to a single business beat while your infrastructure team tries to catch up – or just the opposite?
Is it tough to get clarity on the complexity of your enterprise and even more difficult to manage – especially those parts that are outsourced?
In today’s world, economic forces and accelerating change are driving the need for flexibility, re-use and geographically distributed development --- and business flexibility requires IT flexibility but IT flexibility is very complex, difficult and expensive, right?
Well, not necessarily…
Service-Oriented Architecture (SOA) is a set of principles and methodologies for designing and developing software in the form of interoperable services. These services are well-defined business functionalities that are built as software components that are reusable, as needed, for different purposes. They become repeatable business tasks. Business processes are a series of services ‘assembled’ together like building blocks.
But what about deploying an application – post-development, to make an application operational?
Learn more about model-driven deployment… The following webcast explores how IBM Rational solutions for the Financial Services Sector uses a model-driven approach to provide end-to-end traceability of business needs to software implementation and automation design can bring clarity, reduce costs and improve productivity in design, development and operations.
View the webcast:
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