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The High Cost of IAM reporting in Financial Institutions
Discover how to overcome the costly and time-consuming challenges of manual IAM reporting. Learn about the new approach using self-service analytics.
The High Cost of Fragmented IAM Reporting in Financial Institutions.
Large financial institutions -> large IAM teams. Often overlooked part of the cost of IAM at such a large institution: Part of their jobs requires data, hence reporting and analytics
Specific challenges at one such organization:
❌ High Cost of Manual Reporting: The organization relied on 5-8 employees working non-stop on manual IAM reporting. This not only led to increased operational costs but also contributed to employee burnout.
❌ Time-Consuming Report Production: It took the IAM team weeks to draft the IAM report, making it hard to answer ever-growing IAM questions efficiently.
❌Limited IGA Reporting Capabilities: The IGA suite only supported basic, static reporting. The organization had to rely on Excel exports or highly technical data queries. As a result, employees complained that they could not receive the required information to accomplish critical IAM tasks.
❌Limited IGA Data: As IGA only included some data sources, additional, separate reports had to be continuously created
Previously, 5-8 of our team members were tasked with manually reporting on IAM, increasing costs and leading to burnout. With self-service analytics, we now generate automated reports in minutes, significantly reducing manual workload.”
The True Cost of Inefficient IAM Reporting: Risks and Consequences
The current manual approach to IAM reporting in financial institutions is not only costly and time-consuming but also poses significant security risks and compliance challenges.
This method leaves critical gaps in IAM data, risking regulatory non-compliance and ineffective governance, which can weaken cyber risk posture.
The pressing need for a streamlined, efficient IAM reporting solution is clear, one that reduces expenses while enhancing security and compliance.
Self-Service Data Analytics as a Solution to IAM Challenges
The financial industry leader applied self-service data analytics, integrated with its central IGA system, HR database and disconnected applications.
✅ Immediate Access to IAM Insights for all Stakeholders: All relevant personnel now have instant access to the IAM data they need.
✅ Continuous KPI Monitoring: The system enables ongoing tracking of IAM performance indicators.
✅ Reduced Manual Work: Significant reduction in manual IAM tasks, leading to overhead cost savings.
Role owners and application owners are sailing blind in their IAM decisions based on the limited information that they can get, while these decisions are a large cybersecurity responsibility."
[Webinar] Overcoming Costly IAM Reporting: Insights from a Financial Industry Leader
Discover how implementing self-service analytics can improve your IAM reporting, reducing costs and saving time. Learn from a financial leader's success story on saving 5 FTEs from manual reporting.