Identity and Access Management is vital to the banking industry. Not only does it allow for fine-grained management of users and processes, it is vital to mitigating operational risks and preventing data and revenue losses.
Standard Bank targets identity and access management
Speaking at Whitehall Media’s 8th biannual(IDM) conference at the Russell Hotel in central London, Maxine Gee who heads up IT Risk and Security at Standard Bank spoke at length about how her organisation is approaching identity and access management (IAM).
Since the 2008 crash, banking has come under increasing focus, and is a highly regulated and controlled environment.
Founded in 1863, Standard Bank is one of South Africa’s largest financial services groups with over 40,000 employees across 19 different African countries. Providing a mix of commercial and retail banking, the bank also has many thousands of employees situated internationally.
So what does its IDM team do, exactly?
Processing between 300 to 500 requests every week and running over 100 applications, the IDM team at Standard Bank have had to roll out a complex system that takes into account auditing requirements and risk management metrics.
Unlike other enterprises, Gee explained that in the banking sector, not all employees are fielded through the HR system. Temporary staff and consultants, through the procurement process, sometimes require access to privileged and sensitive information. With a lot of legacy systems in place, this presents a raft of problems and challenges.
Delving into toxic combinations in particular, Gee explained that her team have until now taken a tactical approach, focusing on user access and control processes within the business.
One of the critical factors to identity and access management success highlighted in Gee’s presentation is getting business to engage with IAM, and viewing it as much more than just a concern that should be relegated to the IT department.
“We have a lot more still to do”, said Gee. Transitioning towards a tool set as well as logging, monitoring and maintaining high privileged access all loom on the horizon for Standard Bank.
Join Whitehall Media for its prestigious 9th biannual Identity Management conference on 18 June, 2014 at Hotel Russell in central London. Visit www.whitehallmedia.co.uk/idm for more information.