Financial Services Innovation Achieving 40% Increase in Compliance Efficiency with Streamlined IAM
About The Client
A prominent financial services company faced challenges in managing the numerous third-party applications utilized by employees and partners. With strict regulatory requirements, the need for an efficient auditing process became critical, yet tracking requests and permissions granted was cumbersome and inefficient.
Challenge
The client struggled with the management of multiple applications that lacked a centralized system for tracking user requests and permissions. This fragmentation made it difficult to maintain compliance with auditing standards, which are crucial in the financial sector. Without a cohesive Identity and Access Management (IAM) system, the organization faced significant risks related to unauthorized access and inefficient workflows.
Key Issues:
Lack of Centralized Tracking: Difficulty in monitoring user requests and permissions across various applications.
Auditing Challenges: Inefficiencies in meeting compliance requirements due to inadequate tracking systems.
Manual Processes: Heavy reliance on manual workflows for user management, leading to delays and errors.
Solution
Veritick developed a customized Identity and Access Management solution leveraging Azure AD (Entra), Graph API, and Microsoft 365 Services. This comprehensive approach addressed the client’s needs effectively.
Key Aspects of the Solution
Centralized Tracking: The solution maintained detailed records of requests and their statuses, providing a clear audit trail for compliance purposes.
Automation of User Management: Integrated automation tasks, such as adding users to specific groups for applications connected with Active Directory, streamlined processes and reduced manual intervention.
PowerAutomate for Approval Flows: Employed PowerAutomate to create a systematic approval process for managers and leads, utilizing SharePoint Online Lists. This ensured that application administrators received email notifications only after all required approvals were obtained.
Audit Trail for Actions Taken: Once application admins processed requests, they updated the system, which logged the date, time, user details, and approvers’ information for comprehensive auditing.
PowerShell Scripts for Further Automation: Deployed PowerShell scripts that interacted with the Graph API on-premise to automate changes in user rights, syncing updates to the Microsoft 365 cloud, ensuring consistency and accuracy across environments.
Results
Enhanced Compliance
The new IAM solution enabled the client to maintain a detailed audit trail, significantly improving compliance with regulatory standards by 40%.
Streamlined Processes
Automation reduced the time and effort required for managing user requests, leading to faster approvals and enhanced operational efficiency.
Improved User Management
Centralized tracking and automated workflows minimized errors and ensured that access rights were managed effectively.
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