Businesses in the finance sector have a specific set of requirements to work to when it comes to IT infrastructure. While every firm is different – and it is important that individual IT design takes account of that – there are also many similar obligations and requirements to consider. From regulators and reporting standards, to data protection and maintaining consumer trust, it is important that an IT infrastructure can deliver on compliance and transparency, as well as performance. When it comes to developing a successful IT infrastructure for the finance sector, there are three main factors that make the biggest contribution to results.
Security has to be a top priority in the finance sector, not just with respect to sensitive business information but also when it comes to protecting the data of clients and high net worth customers. The right IT infrastructure will be tailored to a specific business and built around its unique security needs. It is crucial that an IT infrastructure is able to evolve where security is concerned, as the demands and challenges of security change on an almost daily basis. A successful IT infrastructure adapts to cope with the threats that are specific to the financial industry, both internal and external, and is simple to upgrade and update. It will also be key to make security a priority to ensure that it is as tight as possible – it is far more effective to design IT infrastructure with bespoke security built in rather than attempting to add this on to an existing network.
2. Flexibility and control
A generic and inflexible IT infrastructure simply will not work for the vast number of finance sector businesses. It is important that IT can keep up with business change and is scalable in a way that works for an individual enterprise. It is also crucial that the IT infrastructure is tailored to business working practices and not the other way around. IT should support and enable business growth and not impeded this because it is too rigid to accommodate objectives and goals. Bespoke IT infrastructure is particularly effective at delivering flexibility and control, as it can be designed to incorporate features such as the cloud, which are essential for truly agile and flexible working today. Lastly, for those businesses that value innovation, it is crucial to have an IT infrastructure that can adapt and grow with the business so that it remains on the cutting edge.
There are few other industries where compliance is quite as important as the financial sector. FCA, SEC, CSSF and PCI compliant IT is essential and a sound IT infrastructure will provide the resources for regular reporting, as well as options to show how the business is monitored and controlled. It will also enable compliance updates to take account of new laws and regulations that affect the sector, such as the implementation of the GDPR and the new regime of data compliance that has introduced.
netConsult understands the needs of the finance sector when it comes to IT – speak to our expert team to discuss your unique requirements today.
Author: Laura Zverko - Follow us on Google+