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Case study: INTERNATIONAL TIER-1 BANK

Solving Compliance Drift with Velotix

An international bank faced a significant challenge with compliance drift. When new guidelines or data types were introduced, employees had to create and update every policy manually.

Although they invested in a data security tool, the manual work overwhelmed the data team, preventing them from updating policies at the pace needed to remain compliant, leaving the company exposed to risk. They reached out to Velotix to provide an automated system for policy compliance that could easily align policies and scale.

Access Control Based 
on Purpose

Centralized Data
Management

Swift Policy
Compliance

About the Company

This tier-1 bank is a leading provider of financial services to private individuals, institutions, agencies, corporations and governments worldwide. Founded in 1870, it operates in over 70 countries and employs over 78,000 people. Having first established a presence in the Americas in the 19th century, it began independent operations in the US in 1978, opening its first North American branch.

The Challenge

An international tier-1 bank struggled to remain compliant despite heavily investing in a data security platform that promised to solve compliance drift. Since the platform lacked policy automation, they needed to invest in manpower and resources to maintain and update policies manually. However, this didn’t solve their problem, as employees couldn’t keep up. In spite of their significant investment in tools and labor, without a central automated system to track, manage and automatically update privacy regulations, this bank had no way to remain compliant at scale, putting sensitive data at risk.

The Solution

To solve compliance drift, they used Velotix to centralize data, monitor policy changes, and automate policy management with AI and machine learning. By automating policy compliance, they reduced manual work and resources while remaining secure.

Securing Data Access at Scale

  • Automated Policy Database
    This tier-1 bank uses Velotix to automate policy updates, audits, and compliance without using up valuable resources. When a new regulation is enacted, Velotix learns it and updates its policy database automatically. Every new policy is added and immediately applied to future requests using machine learning.
  • PBAC (Purpose-Based Access Control)
    Using PBAC to enable access control based on the specific purpose of the access request allows the bank to easily adapt to organizational shifts without imposing substantial changes on user configurations, ensuring continued compliance.
  • Human-in-the-Loop
    Every time a data access request is made, the approver sees an AI Recommendation with an easy-to-understand explanation as to why access should be granted or denied, speeding up response time. This documentation can be easily shared with auditors.
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