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How to navigate financial compliance online

How to navigate financial compliance online

Working in the financial industry means a lot of red tape. The government loves to protect people, meaning there are a lot of laws and regulations around the financial industry. Now, there is even a whole department dedicated to ensuring the laws and regulations are in place and being followed. This is called the Consumer Financial Protection Bureau, or CFPB. Not that it is a bad thing to ensure customers are being protected, especially when it comes to their money, but it does make it really hard to work in the financial industry and to make sure you are following all those rules when it comes to your online tools.

Ensure online security

As a company that works with people’s money, you are probably storing a lot of private information related to your customer. Besides the basic login information for your customer portal, you are probably also storing bank or credit card account information, social security numbers, names, birthdays, and anything else a cyber hacker might need to steal a person’s identity and finances. Without the right security, you’ll be letting go of private information, and the CFPB isn’t going to forgive that lightly.

An IT managed service provider is going to have expert knowledge on the laws that you need to be following when using online tools. The biggest problem is that you need to ensure all of your customer data is safe, but when you started to use online portals for your customers to log in to, security becomes a bigger problem. IT managed service providers have the tools that you need to not only build your online portals for customers but also to make sure the encryptions are strong enough to keep cyber hackers away. Though protecting your customer data is a number one priority, it is also important to make sure that you are protecting your company from the pain that comes when you’ve been found breaking a law, even if you didn’t realize you were doing it.

Securing payment processes

If you are working with customers and their money, then you are probably also accepting payments. The worst thing possible would be if you didn’t have a secure payment process and people’s debit or credit cards were getting stolen. Large businesses that have been caught losing customer credit card information end up having problems because they lose customers, and therefore profits, and then they also have to pay out big fines to the CFPB. To avoid this problem, just ask your IT managed service provider if you need any improvements to your payment process to ensure security.

Customer complaint tracking

Some government agencies require that customer complaints are being tracked and monitored in specific ways to show they are being addressed properly. This is another area where an IT managed service provider can help by setting up the system that tracks customer complaints. It will also help your company to grow and ensure you are taking care of your customers in the most efficient way possible.

 

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