Ensure Regulatory Compliance

IT management understands well the investment it takes to address control weaknesses and "pass the audit". Given it's likely that today's requirements and regulations demanding strong IT controls for data access will only increase, organisations must build a sustainable, cost-effective compliance program that aligns with business objectives. Unlike traditional methods for auditing database activity that utilise manual controls or inadequate approaches, Cervello solutions and services automates the collection, monitoring, alerting and reporting of critical information.

In the UK and Europe, the new ‘MIFID’ regulations will launch on 1 November 2007, partly to create single European market in financial services and partly to provide a compliance framework for all financial institutions and instruments. MIFID replaces the current ISD regulations and introduces new and more extensive requirements that firms must adapt to, “in particular for their conduct of business and internal organisation” ( fsa.gov.uk ).

One of the areas where companies will have to comply with MIFID is referred to as “more extensive transaction reporting requirements”. This may extend to the ability to drill down into transactions, offer on-demand reporting of transaction logs and a minimum standard of data and record keeping.

We will ensure that the Cervello Audit DB product is continually kept up to date with European legislation to ensure that as MIFID continues to evolve, Cervello Audit DB stays ahead of the regulations.

For more information on how Cervello can help you to alleviate such risks, please review our services and solutions pages.