Person reviewing financial data

Person reviewing financial data
Financial services industry professionals know they need to understand the regulations and how to remain in compliance at all times, but with changing regulations it can be hard to keep track.

One of the most crucial areas of regulation is data compliance, which ensures that financial data is handled in a secure and ethical manner.

Our team at Juern Technology has had decades of experience in financial data compliance, we’re here to make sure you know the foundation of compliance and get the assistance you need to remain in compliance.

What is Financial Data Compliance?

Financial services compliance refers to measures a company takes to ensure that sensitive financial information is protected from unauthorized access. This refers to how you handle other people’s financial information.

The purpose of these regulations is to prevent the unlawful use of sensitive information.

These measures may include encrypting data, using secure networks, regularly monitoring data usage, and establishing policies and procedures for handling sensitive information.

What Industries Have Financial Compliance Regulations?

Compliance in the financial services industry applies to any business involved in banking, insurance, accounting (CPA), investing, or real estate finance.

In fact, it can also apply to any business that handles cardholder data. The Payment Card Industry Data Security Standard (PCI DSS) establishes policies and procedures for how businesses are responsible for handling cardholder information. The PCI standard includes the General Data Protection Regulation (GDPR). This regulation applies to all financial institutions that handle the personal data of individuals in the European Union (EU). It requires institutions to obtain explicit consent from individuals before collecting their personal data, and to implement appropriate measures to protect that data.

Another example is the Sarbanes-Oxley Act which regulates the activities of public accounting firms and the Gramm-Leach-Bliley Act (GLBA) which applies to financial institutions in the US and requires them to implement appropriate safeguards to protect the privacy and security of their customers’ non-public personal information.

Investment management firms must comply with the Investment Advisers Act of 1940, which requires them to register with the Securities and Exchange Commission (SEC) and comply with various disclosure and reporting requirements.

Long story short, anyone who handles sensitive financial information that could be dangerous if misused needs to ensure they’re in compliance at all times.

Why is Compliance Important in Financial Services?

Compliance is essential in financial services because it protects your client’s sensitive information and reduces the risk of data breaches. This improves your company’s reputation and helps increase its longevity as a service provider.

Data breaches can be devastating, leading to significant financial losses, reputational damage, and legal liability.

By remaining in compliance with data protection regulations, you demonstrate to your clients that you take their privacy seriously. You can also say, with confidence, that you take many steps to protect their information.

Unfortunately, this is not always easy to handle on your own. Remaining compliant can be challenging if you’re not familiar with the laws and regulations that apply to your business.

How to Get Financial Data Compliance Assistance?

The best way to ensure financial data compliance is by hiring Financial IT Services for Data Compliance. At Juern Technology, we specialize in data compliance for financial service companies and we’ll help develop policies and procedures to ensure you’re always in compliance.

This not only prevents you from having to worry about your reputation but it helps ease the burden of staying up to date on the latest changes in a highly regulated industry.

Ready to learn more? Book a FREE 15-Minute Consult or give us a call at (210) 245-6900 to learn how we can support your business!