COUNTRY FOCUS : AUSTRALASIA
For example , when it comes to the protection of consumer interests , regulations increasingly prioritise the protection of consumer rights , including data privacy and fair treatment .
Many regulators recognise the potential of fintech to enhance financial inclusion and improve access to services and so are working to create an environment that supports innovation .
Many are also aware that identity-centric initiatives are key driver of development and consumer empowerment .
Meanwhile , other regulatory themes tackle the issues of cybersecurity and risk management , requiring financial institutions to implement robust cybersecurity measures to protect against threats .
The role of IAM in streamlining compliance
Identity and access management ( IAM ) plays a crucial role in helping financial services providers navigate the complex regulatory landscape . By implementing effective IAM solutions , organisations can :
• Ensure compliance : IAM systems can help organisations meet regulatory requirements related to data privacy , authentication , and access controls . For example , by implementing strong authentication mechanisms , financial institutions can mitigate the risk of unauthorised access to customer data , which is a key requirement in many jurisdictions .
• Enhance security : IAM can protect against unauthorised access and data breaches ,
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