Financial Crime World

Canon Business Services: Your Partner in Financial Regulation Compliance in Australia’s Largest Economy Sector

The financial services industry in Australia is the largest contributor to the national economy, with a market size of $196bn and approximately 450,000 employees. This sector, which houses 49,661 businesses, faces intense scrutiny from regulators regarding cybersecurity, consumer protection, and technology - especially post-pandemic recovery. For financial institutions, complying with regulatory requirements is not just a legal obligation but a prerequisite for staying competitive.

Importance of Compliance in Financial Services

Security and compliance are essential in the financial services industry. Pepper Money, an Australian financial services provider, emphasizes this: “In our industry, security is more than an expectation – it’s the ticket to the game.” Canon Business Services, a leading IT and business process solutions provider in Australia, supports over 30 financial sector clients in managing their IT environment.

Canon Business Services: Your Trusted Regulatory Compliance Partner

Canon Business Services:

  • Supports over 30 financial sector clients
  • Aligned with APRA, ASIC, ISO 27001, ACSC Essential 8, and regulations like the Payment Card Industry Data Security Standard (PCI DSS)

Testimonials:

  • Pepper Money: “Canon Business Services has played a crucial role in ensuring we can continue to stand in front of customers, brokers, and investors and demonstrate that we take security, risk, and compliance very seriously.” – Jeremy Francis, CIO
  • Unity Bank: “APRA not only expects you to maintain software but also expect you to look for continuous improvement and economies of scale using technology.” – David Willcox, CIO

Key Regulations, Regulators, and Compliance

  1. The Australian Prudential Regulation Authority (APRA) – Information security management by third-party providers
  2. The Australian Securities and Investment Commission (ASIC) – Corporations, managed investment schemes, financial services industry, and credit activities
  3. The Australian Cyber Security Centre (ACSC) – Essential 8, a series of prioritized baseline strategies to mitigate cybersecurity incidents
  4. ISO/IEC 27001 – an international standard for information security management systems
  5. EU’s General Data Protection Regulation (GDPR) – data privacy and security law for global organizations
  6. SOC 2 – an auditing procedure for ensuring privacy protection for organizations and their customers
  7. PCI Security Standards Council (PCI SSC) – safety and effectiveness of cardholder payment data

Key Financial Imperatives

  1. Secure Compliance
  2. Resilience and Trust
  3. Transformation

Key Risks

  1. Maintaining cybersecurity standards as business models change
  2. Lack of employee awareness of ransomware, phishing, and account compromise
  3. Leveraging technology like AI and low-code platforms to meet demands for digital transformation

Harnessing Opportunities in Financial Sector Challenges

Banking

  • Meeting customer needs in a challenging operating environment
  • Delivering online and mobile services using smarter tech infrastructure

Superannuation

  • Providing seamless and flexible superannuation access
  • Choice of products and services

Credit Lending

  • Keeping up with evolving cybersecurity regulations
  • Simplifying compliance with trusted IT partners

The Right IT Helps You Grow

  1. Integrated systems to boost internal security efficiency
  2. Simplified compliance to reduce risk profile
  3. Meeting customer expectations for privacy, payments, and services
  4. Secure cross-border data exchanges for global reach
  5. Better data asset management and analysis to pinpoint opportunities for growth
  6. Responsive to evolving threats to shut down sophisticated attacks
  7. Empowering your people and your customers to safely use mobile technologies
  8. Seamless IT builds trust that your brand is compliant

Canon Business Services offers IT expertise and solutions that prioritize compliance-led technology and align with your business objectives. Contact them today to learn more about their services and how they can help your business stay ahead in the competitive and heavily regulated financial sector.

[Sources]

  1. PwC Australia - Where Next for Financial Services
  2. National Industry Insights - Australian Industry and Skills Committee
  3. IBISWorld - Financial Services Industry
  4. RBA - Australian Financial System Stability Review