How financial services CIOs can simplify Workday risk management
For CIOs working in the financial services sector, understanding the importance of effective risk management comes second nature. In this blog, Patrick Sheridan, Kainos Security & Compliance consultant, outlines how CIO professionals operating in this heavily scrutinised industry can simplify risk management in Workday.
Read on to understand how implementing privacy in the design stages of a Workday roll-out, conducting periodic audits, and prioritising employee training can streamline Workday risk management for you and your Workday teams.
Implement privacy by design
Apply privacy principles from the initial design stages of any Workday configuration. Assess and mitigate privacy risks and incorporate data protection measures within the system.
As a CIO in the financial services sector, you understand the criticality of effective organisational data management.
Since the introduction of the Sarbanes-Oxley Act (SOX) in 2002, data protection has been a top priority. However, the landscape has significantly evolved over the past two decades with the introduction of numerous data protection laws.
Regulations like Massachusetts Data Protection Law in 2010, the General Data Protection Regulation (GDPR) in 2018, and the California Consumer Privacy Act (CCPA) in 2020 have transformed the risk landscape. This holds even more significance for global organisations that operate worldwide and handle data transfers across different regions. Regional data legislation enforces the need for CIOs to prioritise effective data management practices, as failure to comply can result in severe legal, fiscal, and reputational consequences.
While CIOs understand the importance of data protection compliance, keeping up with the rapidly changing regulatory environment can be a challenge. That's why implementing privacy by design is crucial for your Workday configuration. By applying privacy principles from the initial design stages, you can assess and mitigate privacy risks, and incorporate robust data protection measures within the system.
Privacy by design involves integrating privacy and data protection considerations into every aspect of your Workday configuration. By proactively addressing privacy concerns and ensuring compliance with data protection laws, you can build a strong foundation for data protection within your organisation.
Adopting a privacy by design approach, can enhance data protection, minimise the risk of non-compliance, build trust with your customers employees, and regulators. Remember to regularly review and update your privacy measures as new regulations emerge and seek guidance from legal professionals or data protection officers to ensure ongoing compliance.
As a CIO, your commitment to implementing privacy by design within Workday is essential for safeguarding sensitive personal identifiable information and maintaining compliance with data protection laws in the ever-evolving landscape of regulations.
Perform regular audits
Conduct periodic internal audits to assess the effectiveness of your fraud prevention measures within Workday. Audits can identify vulnerabilities or gaps that need to be addressed and ensure ongoing compliance with security standards.
Workday's innovative design and adaptability empower organisations to stay ahead of the game and be prepared for change. With data in one central place, spanning payroll, financials, and new hire information, the "Power of One" structure simplifies data management. However, within this dynamic environment, maintaining the integrity of internal controls becomes crucial.
Workday internal controls are implemented to ensure effective achievement of business objectives. With multiple tasks to be performed and large teams with overlapping roles, striking the balance between enabling users to fulfil their responsibilities while maintaining necessary separation of duty internal controls can be challenging.
Compromised internal controls pose a significant red flag for your organisation's risk management strategy. Incorrect access to sensitive data can result in the risk of fraudulent activity or accidental wrongdoing. To mitigate these risks, it is essential to conduct regular audits within Workday.
Periodic internal audits provide an opportunity to evaluate the effectiveness of fraud prevention measures in place. By systematically reviewing user access, permissions, and activity logs, audits can identify potential vulnerabilities, gaps, or deviations from established controls. This process helps in identifying areas for improvement, strengthening security measures, and ensuring ongoing compliance with security standards and data protection regulations.
Audits also serve as a proactive measure to detect and deter fraudulent activities within Workday. By reviewing system logs, suspicious patterns or anomalies can be identified, enabling organisations to take appropriate action, investigate further if needed, and implement additional safeguards to prevent fraudulent incidents.
Furthermore, internal audits contribute to a culture of accountability and reinforce the importance of data security and fraud prevention within the organisation. They provide insights into user behaviour, help identify potential training needs, and enable continuous improvement of data protection practices.
By conducting regular internal audits within Workday, CIOs can demonstrate their commitment to robust fraud prevention measures, protect sensitive data, and ensure compliance with regulations. These audits serve as a critical component of an effective risk management strategy, fostering trust among stakeholders and safeguarding the organisation's reputation.
Prioritise employee training and awareness
Educate your employees about the importance of cybersecurity and the role they play in protecting Workday. Train them on recognising and avoiding phishing attacks, suspicious emails, and other social engineering techniques that can compromise system security.
The threat landscape of cyber-attacks is continuously evolving, impacting organisations across industries. Cybercriminals employ sophisticated tactics, such as spear phishing, to target specific individuals and orchestrate significant data breaches. To combat these threats, implementing strong data protection practices is crucial.
One effective measure is the introduction of two-factor authentication (2FA) throughout your organisation. By requiring employees to provide an additional authentication factor beyond just a password, such as a unique code or biometric data, you add an extra layer of security to protect personally identifiable information (PII) stored within Workday.
However, technological measures alone are not sufficient. It is equally important to ensure that your employees are well-informed and capable of identifying potential cyber-attacks. Regular training sessions focused on cybersecurity awareness can empower employees to become the first line of defence against cyber threats.
During training, emphasise the importance of recognising and avoiding phishing attacks, which often serve as a gateway for unauthorised access to sensitive data. Educate employees on how to identify suspicious emails, attachments, and links, as well as common social engineering techniques employed by cybercriminals. Encourage them to exercise caution when sharing sensitive information and to verify the legitimacy of requests before taking any action.
By creating a culture of cybersecurity awareness, you can empower your employees to actively participate in safeguarding Workday and its valuable data. Regular training sessions, supplemented with ongoing communication and reminders, will ensure that employees remain vigilant and responsive to potential threats.
Remember to incorporate real-world examples and interactive elements into the training sessions to engage employees and reinforce the importance of cybersecurity practices. Additionally, provide channels for employees to report suspicious activity or seek guidance when they encounter potential security risks.
Through investing in employee training and awareness, CIOs can significantly reduce the risk of data breaches and cyber-attacks targeting Workday. Empowered employees who are equipped with the knowledge and skills to identify and respond to threats play a pivotal role in maintaining the security and integrity of your organisation's data and systems.
Leverage automation to safeguard Workday
Understanding an organisation's risk profile is crucial for CIOs, who can effectively identify and mitigate potential risks by adopting a risk and controls matrix (RACM).
At Kainos, our security monitoring solution for Workday, Smart Audit, leverages a robust and tailored RACM specifically designed for Workday. The Smart Audit RACM covers essential categories such as change management, data privacy, privileged access, logical access, and segregation of duties.
Implementing a customised RACM for your organisation's business needs can be time-consuming and resource-intensive, requiring meticulous configuration. By leveraging Smart Audit's pre-established risk matrix, organisations can save time and effort by swiftly implementing comprehensive controls, allowing CIOs to focus on value-adding business-critical tasks.
Through automation, Smart Audit proactively assesses and manages risks within your Workday environment, ensuring the integrity of your security operations. By supporting your organisation's resilience against risk, Smart Audit also demonstrates your commitment to promoting good data management practices within Workday and maintaining data compliance.
With automation, CIOs can provide evidence of the effectiveness of their internal controls, free up time in their team's schedules, and simplify complex risk and control matrices. Smart Audit streamlines the process, enabling CIOs to effectively protect Workday from cyber threats and prioritise strategic initiatives.