Compliance for Financial Services
Why Compliance Is Important to Financial Services
- Avoids Legal and Financial Penalties
- Protects Sensitive Data
- Builds Trust with Partners and Customers
- Mitigates Financial and Operational Risks
- Supports Cyber Resilience
How Thrive Can Help
Thrive specializes in helping financial services organizations navigate complex regulatory landscapes with dedicated cybersecurity and technology Advisory Services experts. Our scalable and secure solutions are tailored to meet the unique needs of the financial sector. With continuous monitoring and reporting, Thrive provides the insights and security needed for peace of mind in a dynamic, highly-regulated industry.
Note: Nothing herein shall constitute legal advice, compliance directives, or otherwise. Customers and prospective customers should consult an attorney and/or other compliance professional regarding their organizations’ compliance obligations, including, without limitation, the regulations described herein.
Key Regulations in Financial Services
Adhering to global and local regulations is essential for financial services organizations to achieve compliance, mitigate risks, and maintain trust with clients and stakeholders.
Securities and Exchange Commission (SEC) Rules and Regulations
SEC regulations establish compliance standards to protect investors, ensure fair markets, and promote transparency in the U.S. financial system. These rules impact publicly traded companies, investment advisors, brokers, and other entities in the Securities industry.
Key areas include:
- Cybersecurity risk management
- Incident response program
- Incident reporting and disclosures
Gramm-Leach-Bliley Act (GLBA)
GLBA mandates that financial institutions in the U.S. protect the confidentiality and security of customers’ private information. It applies to banks, insurance companies, mortgage brokers, and other businesses offering financial products or services.
Key requirements include:
- Conducting risk assessments to identify potential threats to customer information
- Implementing safeguards to secure data
- Testing the security program
Driving Better Business Outcomes
“Thrive already had an understanding of Frontier’s business and direction from their tenure in the Financial industry. Thrive’s solutions are highly reliable.”
Skip Carino, CTO, Frontier Capital
Digital Operational Resilience Act (DORA)
DORA is a European Union regulation designed to strengthen the operational resilience of the financial sector by ensuring that firms can withstand and recover from information and communication technology (ICT) disruptions, even during severe operational impacts like denial of service (DDoS) cyber-attacks and ransomware.
It applies to Financial Entities including banks, insurers, and investment firms, and third-party ICT service providers operating in the EU.
Key requirements include:
- Digital operational resilience testing
- Penetration testing
- Implementing critical plans
- Third-party risk management
- Oversight of critical third-party providers
- Incident response and reporting
- Audit trails and logs
- Governance
- Daily operations
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Compliance Disclaimer
The information on this web page may not be construed or used as legal advice about the content, interpretation or application of any law, regulation or regulatory guideline. Customers and prospective customers must seek their own legal counsel to understand the applicability of any law or regulation on their use of Thrive services. Please also note that the relevant contract(s) between you and Thrive determine(s) the scope of services provided and the related legal terms and this page is provided for reference purposes only, and is not part of, and does not otherwise create or amend, any agreement, warranties, representations or other obligations between you and Thrive. Thrive disclaims any terms or statements contained herein that seek to impose legal or operational requirements on Thrive for the delivery of the services. Customers acknowledge that they remain solely responsible for meeting their legal and regulatory requirements. By accessing this content, customers and prospective customers acknowledge the information provided herein and/or any of the attachments accessible via this page shall strictly be considered as general commentary and nothing herein shall constitute legal advice or otherwise.