“The Basel II Accord came into force as an EU directive on the 1st January 2007”
Basel II is the second of the Basel Accords, issued by the Basel Committee on Banking Supervision. Its purpose is to create an international standard for banking regulators to use when approaching risk management across national borders, protecting international finance systems from the types of problems that may arise should a bank or series of banks collapse.
The Business Challenge
One of the most challenging aspects facing organizations looking to comply with Basel II is to demonstrate adequate controls over information systems that store and utilize financial data. Key hurdles include:
- Providing audits which address privacy issues and network security concerns
- Scoping security policy that looks at all compliance levels – creation, communication, implementation, enforcement and improvement
- Demonstrating compliance performance and ensuring measures for internal and external security controls
- Enforcing separation of duties
- Providing real-time security incident response measures
The Safestone Solution
Safestone’s DetectIT Security Manager is a modular and integrated approach that can help define, manage and report on security policy compliance enabling future audits to be passed simply, quickly and efficiently.
The timely delivery of critical data and information to end-users is a fundamental concept of the business. With DetectIT Risk & Compliance Monitor organizations can immediately identify compliance vulnerabilities across System i and automatically run reports.
Ensuring that critical data sources held on the System i are treated confidentially is a key part of tackling Basel II compliance. Without adequate controls, unauthorized staff may gain access to sensitive information and use it to their advantage. DetectIT Network Traffic Controller ensures that only the right personnel can actually access and use specific data.
The integrity of an organization’s data is at the forefront of Basel II compliance. Adequate controls need to be implemented on the System i to maintain the reliability of corporate data and to provide assurance that the data is trustworthy. DetectIT Security Audit & Detection puts controls in place and prevents data being manipulated and corrupted.
DetectIT Multiple Systems Administrator allows you to centralize administration of networked System i servers and partitions through a single point of control. Deployment and administration costs are significantly reduced, while resources are optimized and consistency is assured.
Controlling the user lifecycle can significantly enhance security and DetectIT User Profile Manager provides flexibility to easily manage profiles and passwords across System i. In addition the inability of a user to perform their IT functions because of profile or password issues is a situation that must be avoided. DetectIT Password Self Help enables users to reset their own passwords without the need to call the Help Desk.