Identity and Access Management in financial services companies

A major financial institution with more than 30 years of experience in the market, faced significant challenges due to the absence of a robust identity and access management (IAM) system.

The existing solution did not provide adequate support or meet the financial institution’s security requirements, creating vulnerabilities that could lead to issues with compliance, data security, and operational efficiency.

The lack of an effective identity management system affected the client’s ability to conduct audits smoothly, a critical aspect given its status as a regulated financial entity. Compliance with national and international standards, especially in preventing money laundering and
ensuring transparent, secure operations, was at risk without a reliable IAM solution.

The client selected WSO2 Identity Server to address their IAM needs. The proposed solution included implementing WSO2 Identity Server along with its Analytics component.

This choice was guided by its capacity to strengthen security, streamline identity management, and enable compliance with regulatory frameworks.

Key features implemented:

• Enhanced Security Measures: The integration of Multi-Factor Authentication (MFA) and Single Sign-On (SSO) improved both security and user experience.
• Compliance and Regulatory Support: The new system facilitated compliance with data
protection and financial regulations.
• Seamless User Experience: With SSO and a unified access portal, users could efficiently
access necessary resources, enhancing workflow.

Technology Stack:

• Primary Tool: WSO2 Identity Server
• Additional Technologies: Java Spring Boot, Maven, and Oracle, tailored to the client
integration needs.

Project Execution and Delivery:

The project team provided licenses and comprehensive support, including a dedicated technical resource available Monday through Friday from 9 am to 6 pm.

Challenges and Resolutions: The implementation encountered various challenges:

• Structural Issues in Existing IAM: The initial IAM framework had misconfigurations, mapping errors, and security vulnerabilities.
• Client Learning Curve: The complexity of the new system required the client’s team to adapt, which initially slowed down progress.
Despite these obstacles, the project team resolved each issue through extensive troubleshooting and close collaboration with the client’s IT team to ensure security and functionality were optimized.

Quantifiable Results: The IAM implementation led to significant, measurable
improvements:

• Enhanced Security: The risk of unauthorized access was significantly reduced.
• Regulatory Compliance: The system facilitated adherence to regulatory requirements, critical for financial operations.
• Operational Efficiency: Streamlined identity management allowed for efficient role assignment and permissions management, saving operational costs.
• Improved User Experience: Users experienced easier access through SSO, while independent system integrations provided flexibility and efficiency.

The client expressed positive feedback, noting that the new IAM system greatly improved security measures and aligned with their regulatory obligations. The enhanced security, ease of access, and efficient user management were particularly beneficial.

This successful implementation highlights the client’s commitment to modernizing its identity management, strengthening its security framework, and ensuring ongoing compliance in the financial sector. The partnership has positioned the client well for future technology advancements and regulatory updates.