Enhancing Security Compliance for a Leading Financial Services Firm

Client Overview

A joint venture between India’s largest bank and a globally renowned custodian, this financial services firm specializes in providing top-tier Custody and Fund Accounting Services to both domestic and international clients. With expertise in handling diverse asset classes and trading patterns, the firm is committed to ensuring operational security and regulatory compliance.

Business Need

To strengthen its security posture and mitigate business risks, the firm sought to enhance its security compliance score by addressing key audit observations and ensuring adherence to industry best practices.

Challenge

The firm faced 30 open audit non-compliance points, as identified by a security auditor, resulting in a low compliance score of 70%. These gaps posed potential security risks and regulatory challenges.

Solution Approach

Our team provided comprehensive security consulting services to assess, recommend, and implement necessary compliance improvements. The approach included:

• Audit Review & Gap Analysis – Conducted an in-depth assessment of all open audit points and identified critical areas of non-compliance.

• Security Configuration Review – Analyzed existing system configurations across various security tools and devices to align them with industry best practices.

• Tailored Security Recommendations – Provided targeted fixes based on a blend of industry expertise and the firm’s specific security requirements.

• Implementation of Policy Enhancements – Updated security configurations and policies across tools and devices to ensure regulatory adherence and improved compliance.

Outcome & Impact

By implementing the recommended security improvements, the firm successfully closed 28 out of 30 audit observations, significantly enhancing its security compliance score from 70% to 95%.

This achievement:

✅ Strengthened the firm’s overall security posture

✅ Reduced business risks associated with non-compliance

✅ Ensured adherence to industry and regulatory security standards

Through this engagement, the firm reinforced its commitment to security excellence, safeguarding its financial operations and maintaining trust with clients and regulatory bodies.