Large banks are continually seeking ways to manage data, reduce risks, control costs and ensure the safety and security of their environment while meeting compliance standards.  

Well-established financial institutions may have disparate or legacy security systems, and most often they are different systems. The different systems pose a security challenge because they are run on different operating platforms, and standardizing on one can be difficult to implement and manage. The bank must find a way to bring together each of its branches under one umbrella, and then it can implement a single data management and access management approach across its many locations. 

If standardizing on one security management system is too expensive, or if the roll out of a new security management system is going to take a long time, the bank should consider implementing a web-hosted, security software platform, an enterprise-wide software overlay that allows any large, multi-site financial institution to run more efficiently – mitigating risk, increasing safety and reducing operating costs.  The overlay can integrate data on people, buildings and assets into a clean “single version of the truth” that can drive solutions for security, safety, facilities and crisis management.

Managing Access Rights-New Approach

A web-hosted, software overlay can tie together different security systems, streamline the administration of access rights and consolidate disparate data into one centralized location that is available to everyone with authorized access. 

With an overlay, large banks can manage access rights using a centralized approach. Rather than using the traditional security model, local bank branches empower employees, known as administrators, to manage access rights.  Depending on the number of branches and employees, one administrator can be in charge of several branches or one branch may assign several administrators.  The administrators are selected and entered into the web platform either manually or through a self-registration workflow process. 

Once the administrators are established, they configure employee and vendor access rights from the web, whether it’s to a single door, a group of doors, an entire facility or across multiple sites.  The web overlay automatically knows which security system each user has access to and grants access based on the data entered.

Each system administrator is responsible for his access group and the particular areas they are assigned. To stay compliant, the administrator must go into the web system at a pre-defined time, for example, once a month or once a quarter as dictated by compliance regulations, and confirm their group’s cardholder access rights are accurate and that terminated employees are deleted.  

The overlay provides detailed reports so management can make better-informed decisions on security and procedures. The reports provide real-time information and help the bank stay compliant.

Data Management Minimizes Business Disruptions

Large financial institutions with numerous locations have data or information located everywhere.  The data can be in the form of a spreadsheet on the branch manager’s laptop or stored in a static database program, such as LotusNotes.  The data is stale, difficult to share and updates are hard to manage. When used in conjunction with various security management systems, the overlay helps financial institutions manage and control their data.  It can clean, standardize and consolidate the data, providing a single, accurate version that allows the security team to make better decisions and minimize business disruptions.

For example, if a large bank in New York discovers it has a water main break, how should they react?  Within the overlay, the data is immediately presented to the security team, who can assess the situation.  After evaluating all the data and thoroughly understanding the severity of the problem, they escalate it to upper management and together determine a final course of action. They can decide if business can proceed as normal or if the building should be evacuated.  Rather than immediately evacuate the entire building and lose hours of work and possibly millions of dollars in business based on inaccurate information, the decision is made using accurate data, saving money and eliminating a sense of panic.  

When used in tandem with different security management systems, a web overlay platform can bring all banking facilities’ security management systems together to seamlessly manage access rights and disparate databases while becoming fully compliant. It offers a large potential savings in administration costs and provides a way to demonstrate compliance to all relevant regulatory agencies.