GLBA Compliance Software

Financial institutions need to abide by the Financial Modernization Act of 1999, also called the Gramm-Leach-Bliley Act (GLBA). GLBA protects consumers and requires financial institutions to disclose how they share data.

Compliance with GLBA is a must, and LogicManager's comprehensive solution ensures your organization remains compliant while streamlining your governance processes.

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Benefits of Using LogicManager’s GLBA Compliance Software

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Risk-Based Approach to Prevent Surprises

We value a risk-based approach that identifies challenges and dependencies and allocates resources accordingly. Considering the risks allows organizations to implement effective governance that reduces risk and compliance. Deploy resources to high-value areas to mitigate any risks that occur.

Streamlined Risk Management Program That Evolves

Our solution enables organizations to use end-user configurations to control engagement without requiring professional customization. Get a faster time-to-value to evolve your programs and realize a quicker return on your investment.

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Focus on Risk Management, Not Administrative Tasks

LogicManager’s ERM software allows customers to spend more time managing risks to promote efficiency, enhance compliance, stay ahead of threats and protect customer and employee data. Organizations can spend less time on unimportant administrative work like data manipulation and cleansing.

Achieve GLBA Compliance With LogicManager’s GLBA Compliance Software

LogicManager’s GLBA compliance software helps financial institutions comply with GLBA and avoid penalties and fines. Some features of our software include:

Personalized Home Screens

Simplify the complex process of GLBA compliance implementation by putting the information your risk and/or regulation owners need, such as a GLBA checklist and a centralized GLBA plan, front and center.

Reporting & Dashboard Tools

Visualize control deficiencies, historical results of compliance, readiness summaries, testing calendars, and more to continually improve your program.

Readiness Assessment

The Readiness Assessment tool splits GLBA requirements into individual responsibilities, distributes tasks to activity owners, and links them to your existing controls to be documented as evidence of compliance along the way.

One-Click Compliance AI

Our AI searches through your existing library of controls, policies, and procedures and suggests which ones to leverage for demonstrating GLBA compliance, reducing internal labor costs of compliance.

Automated Testing

Test the validity and effectiveness of your existing GLBA controls to provide evidence of your compliance over time.

Event Management

Keep on top of any manifestations of noncompliance risks (like fines or legal repercussions) by connecting them to the associated people, policies, procedures, or controls to uncover the root cause and prevent repeat occurrences.

Seamless System Connections

Our Integration Hub allows for seamless no-code integration with popular third-party applications such as NetSuite, DocuSign, Office365, BitSight, RiskRecon, and accounts payable systems.

Frequently Asked Questions About GLBA Compliance Software

The Gramm-Leach-Bliley Act (GLBA) requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data. GLBA consists of 3 distinct sections:

  • Financial Privacy Rule: The financial privacy rule regulates the collection and disclosure of private financial information. Due to the privacy rule, financial institutions must provide a “Privacy Notice” to all customers and consumers.
  • Safeguards RuleThe safeguards rule stipulates that financial institutions must implement security intelligence programs to protect such information. Due to the safeguards rule, all financial institutions need to be able to inform consumers of the ways they protect personal information.
  • Pretexting Provisions: Pretexting provisions prohibit the practice of pretexting (accessing private information under false pretenses). Financial institutions should have a policy in place to protect against pretexting.

But as your organization is well aware, it’s not enough to simply say that you follow these rules.

According to the FDIC, financial institutions must provide an annual notice at least once in any period of 12 consecutive months throughout the duration of a customer relationship. Collecting that information manually would depend on countless hours and resources.

It’s in the best interests of a financial institution to comply with GLBA, but GLBA compliance isn’t optional. The Federal Trade Commission (FTC) monitors financial institutions and penalizes any organizations that it finds aren’t complying with GLBA.

The FTC’s penalties can include fines and judicial action. Getting penalized by the FTC can also harm a company’s reputation. Consumers are hesitant to work with organizations that aren’t proactive about protecting their privacy and information. Existing customers may feel betrayed by a financial institution that doesn’t comply with GLBA.

Complying with GLBA also ensures financial institutions have data security measures in place to protect customers. Customers must be informed of any information sharing between the financial institution and other parties. The organization must also take steps to secure customers’ information and protect it from malicious attacks.

GLBA compliance provides customers with peace of mind, which can make them more open to working with a particular financial institution and trusting that organization with their money and financial futures.

Obtaining GLBA compliance is mandatory but not always easy, for the following reasons:

  • Changing human behavior can be challenging: Under the pretexting provisions, organizations need to have a plan and process for training employees to detect fraudulent activity. However, phishing emails are designed to play to human psychology and get people to respond. It can be challenging to develop a training program that protects against pretexting.
  • The rules are complex: The requirements of GLBA can be complicated and difficult to follow.

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