The High Cost of IAM reporting in Financial Institutions

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 

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.

[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. 

Register here for the webinar on February 28th