Financial institutions are highly regulated and required to develop and manage a strong risk management program. Depending on an organization’s size, their maturity level ranges from a general risk awareness culture to a strong risk governance model. Years after the financial crisis in 2007-2008, the Heightened Standards guidelines were adopted establishing minimum requirements for the design and implementation of a risk governance framework. Financial institutions were required to look internally and develop strong risk governance programs to mitigate fraud, safety & security, IT, cyber, reputational, and operational risk. Through the enhancement and maturity processes, safety and security teams developed technology life-cycle management controls which were in line with IT risk control best practices and standards.
Surveillance devices used in the financial sector should have robust end-to-end security functions and technologies such as secure boot, secure storage and secure OS. Convergint has partnered with Hanwha Techwin to enhance employee and customer safety in the financial industry with innovative modular surveillance cameras. Some financial institutions are investigating compliance with the Federal Information Processing Standards (FIPS) 140-2 allowing an organization to enhance security using trusted platform module (TPM) hardware built in to the camera.