Improving Regulatory Compliance in Banks – Effective Strategies to Align Employee Behavior and Regulate Operations

The high vulnerability of the banking industry to data threats puts it in urgent need to adopt strong security measures for data loss protection and risk management. Additionally, the liability of banks to regulatory compliance demands robust data protection strategies to help them avoid unauthorized data breaches and keep business trust intact.

Let’s understand what security disruptions the banking industry experiences the most to align the workplace with regulatory compliance:

What challenges does the banking industry face in maintaining workplace compliance

Rising threats from within the industry pose a significant challenge to ensuring workplace regulations in banking.   

Growing insider threats                                             

The direct monetary benefits involved in banking cause it one of the most targeted industries to face threats from within in the form of malicious insiders who if not controlled do the maximum damage.             

Complexity in identifying subtle deviations in employee behavior

The inability to identify changes in employee behavior can lead to major threats in the form of security breaches or unrecoverable insider data theft.            

Lack of effective security measures in place

Teams working in data-critical roles can cause risks if not aligned with regulatory compliance. The evolving workplaces where more teams are working distributed across workplaces adds to the complexity of measuring employee actions and managing workplace compliance.             

Let’s discuss what impact workplace non-compliance can have on operational efficiency in the banking industry. 

How does workplace non-compliance impact operational efficiency in banks

Arising out of unruly employee behavior causing threats to network security, data privacy, and operational efficiency - workplace non-compliance can severely impact the workflow and lead to sensitive data exposure vulnerability.                    

Regulatory fines

The absence of effective preventive measures and less security aware teams can make way for malicious insiders to breach workplace compliance and expose critical data to third parties or competitors, inviting hefty regulatory charges.      

Loss of revenue and reputation

The lack of a robust security system in place leading to unauthorized exposure of client data can cost the banking industry an unrecoverable loss of revenue and reputation.      

Workplace inefficiencies

Growing threat incidents impact workplace non-compliance and disrupt operational efficiency, causing client distrust and loss of business.        

Let’s explore how you can gain advanced threat prediction and prevention capabilities with wAnywhere AI security and compliance solutions.     

Why you need wAnywhere to align employee behavior and workplace compliance

Trusted by the leading Banking, Finance Services, and Insurance (BFSI) industry that experienced >95% productivity and a significant reduction in insider threat incidents, unlock AI-powered threat intelligence from wAnywhere to align employee actions and regulate business operations.        

Leverage AI-enabled automated violation detections

Integrate real-time monitoring with critical workflows where data privacy matters the most, and keep a close eye on whether employees follow secure payment processing to detect anomalies, respond in real time, and ensure data confidentiality.      

Control risky employee behavior

Stay in sync with how teams in data-critical roles behave and find whether their actions indicate risks. Alert teams to work in compliance with defined security rules, help them avoid distractions, and keep them focused on achieving business goals.    

Predict and prevent threats before they happen

Detect even subtle deviations in employee behavior to identify threats and respond in real time to eliminate threats before they do damage.

Ensure workplace compliance and secure business operations

Stay in the know of how your teams in data-sensitive roles behave at work and whether their actions contribute to workplace compliance or cause a threat to information security. Get help with advanced AI security and compliance solutions – Start your wAnywhere experience today with a 14-day free trial and explore how you can leverage real-time employee monitoring to predict and prevent threats for operational efficiency.