what does access management cost for mid-market financial services? (slideshare)
TRANSCRIPT
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What Does Access Management Cost
for Mid-Market Financial Services?
Access management in the
financial services sector has
become a necessity
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due to the stringent
financial fines imposed on
non-compliance of regulatory
body rules and regulations
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The Cost of Access
Management
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In the worst case scenario,
a mid-market financial services
company could spend,
depending on the complexity
of their infrastructure,
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between $500,000 and
$1,000,000 dollars
implementing an identity and
access management solution
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So why are the costs
in implementing access
management so high?
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• Typically heavyweight
identity and access
management solution
licenses go for between
$80 and $100 per user
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• Most mid-market financial
businesses will not have
in-house IT skills
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or the time to carry out
such a labor intensive and
technologically challenging
project
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• There are also the hidden
costs of time and
productivity,
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as most business unit
managers will be required
to spend time collaborating
with the project team in
creating workflows and
business processes
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How can the costs
be managed?
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• One of the most effective
ways to manage the costs
of an access management
implementation is to do
the groundwork first
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• Implementing access
management is a project
and should be treated as
such with due diligence
towards planning and
execution
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• The project KPI's (key
performance indicator) of
ROI (return of investment)
and IRR (internal rate of
return) can be realized
– and be very attractive –
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if implementation is
strategically planned
and managed
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What is the end of day
cost savings?
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• Reduced contact center
calls
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• Reduction in potential
non-compliance fines
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• Savings on manual audits
and compliance reports
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• ROI is typically quoted at
5 times the cost of
investment
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Bottom Line
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Additionally, access
management gives CFOs
reassurance that the business
is functioning in compliance
with regulatory bodies
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How did your
access management
implementation go?
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Did you stay within
the project KPI's?
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Let us know your thoughts
in the Comments box below
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