Improve Controls and Compliance, While Increasing Flexibility
Banks, insurers and financial services are highly regulated, so it is vital to ensure that proper IT and security controls are in place. When faced with multistep processes that include various systems and steps that no longer fulfil requirements, staff can "workaround problems" to improve the speed and efficiency by creating alternative methods outside of business and IT governance.
This "shadow IT" can cause significant problems as defined processes are important to ensure compliance requirements are met and business risks managed.
Shadow IT Undermines Compliance and Security Protocols
Shadow IT signifies that employees recognise problems and believe there is a more efficient way to work. Companies that embrace the employees' feedback can achieve significant productivity gains. But poorly managed or unknown they put power in the hands of people who have had no formal training in designing or testing systems. There are inherent risks with shadow IT. Failure to follow the required process can expose the organisation to regulatory fines, security and and business risks, so, unsurprisingly, IT departments sometimes baulk at the prospect of introducing business managed low code solutions.
However, organisations can quickly and easily solve some operational problems by empowering citizen developers. With the caveat that employees should be using a platform that is properly checked and managed. When handled correctly organisations can use low code solutions rapidly scale automation initiatives to easily resolve IT issues and increase efficiency.
Empower Staff to Work Efficiently Without Compromising On Governance
As an application designed specifically for the highly regulated banking and financial services industries SmartFlow provides a way to gain the benefits of a powerful low code application without exposing the organisation to increased risk. It has features to help with:
Additionally, Maximise IT follow best practice for software development and service delivery
Summary of SmartFlow for IT Governance (1m18s)
Create Business Owned Workflows Without Risk
Employees know processes extremely well and can often offer unique insights about how automation can benefit their work.
SmartFlow has a designer module with a powerful no-code environment, which is easy for non-technical staff to use, as well as having features to enable complex problem solving.
This has an inbuilt governance and approvals processes. Using the designer it is easy to create new workflows or make changes to existing ones. The changes are then presented to the relevant person for approval before they are published. This makes it easy for trusted staff members to update or improve processes without putting the organisation at risk.
Ensure Data Security
SmartFlow works within your existing data security rules, performing activities in exactly the same way that your best employee would (but faster!).
Activities take place on the user's desktop and data is never centrally stored. This means that data is handled in the same way that it is currently, so your existing data security model is not impacted.
Use Secure Infrastructure
Non-technical managers rarely have an up to date understanding of required security controls, particularly when it comes to infrastructure and cloud applications. Endangering the company’s intellectual property and customer data and opening the company up to the risk of technology professional indemnity litigation if lack of security leads to financial losses
SmartFlow has secure infrastructure options to suit different situations. It has lighter infrastructure requirements than most solutions, including an zero infrastructure option installed directly onto desktop machines. Using existing or industry standard infrastructure avoids the need for additional security measures and reduces set-up time and cost.
Ensure Processes Are Followed With Detailed Audit Trails
In a regulated environment it is important that policies and procedures are followed correctly. SmartFlow increases adherence by standardising processes and automating their execution.
A full audit trail is automatically generated as processes happen. This shows exactly what steps have taken place, what data was used and how decisions have been reached. These audit trails can be used to check that everything is happening correctly. They are also very useful if the organisation receives complaints that need to be investigated, or if regulatory checks are required.
Avoid Overloading IT Systems
Automation speeds up processes and can result in very heavy use of existing IT systems. If many requests are made within a short time frame it can lead to legacy systems becoming overloaded.
To combat this SmartFlow monitors response times and issues requests slower if systems are struggling. IT can configure quotas and retry limits to ensure confidence that systems will not become overloaded.
Ensure Best Practice for Development and Service Delivery
At Maximise IT we specialise in helping customers within regulated industries like banking. So we have solid systems and policies in place to make sure that both our service model and software meet necessary governance and security requirements.
What is SmartFlow