Compliance

Identity management regulations are widespread and overlapping yet an effective compliance program may address all regulatory requirements centrally while leveraging internal and external resources to address identity risks effectively, avoid duplication of efforts, reduce compliance costs, and ensure responsibility and oversight. For example, various regulations are designed to address security and privacy of consumer personal information, while others address customer identification, consumer report management, as well as account monitoring and suspicious event reporting.

Rising identity theft and fraud risks are also prompting governments to introduce new laws forcing companies to be proactive in identifying and detecting identity theft red flags in order to prevent identity fraud. Although identity management regulations address identity risks in piecemeal which can be overlapping at times, and, legal terms may differ in countries where such regulations exist, the regulatory requirements can be addressed centrally with an effective identity risk management and compliance program.