R E G I O N A L R E V I E W
R E G I O N A L R E V I E W
Ashley Diffey , Vice President Australia and New Zealand , Ping Identity
To navigate this complex regulatory landscape , financial services providers in the region must comply with a variety of laws , standards , and frameworks .
Some of the key regulatory bodies and initiatives include :
• The Consumer Data Right ( CDR ) in Australia , which enables consumers to share their personal information with third-party providers .
• The Risk Management in Technology ( RMiT ) policy in Malaysia , which sets minimum standards for technology risk management .
• The Cross-Border Privacy Rules ( CBPR ) and Privacy Recognition for Processors ( PRP ) in the APEC region , which aim to protect consumer privacy while facilitating international data flows .
• The Personal Data Protection Act
( PDPA ) in Singapore , which governs the collection and use of personal data .
Emerging themes
While the APJ region presents a diverse regulatory landscape , several common themes have emerged . 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 , safeguarding sensitive customer information . By centralising identity management and enforcing access controls , organisations can reduce the risk of data breaches and minimise the potential impact of cyberattacks . www . intelligentfin . tech
45