Identity Access Management (IAM) Technical Audit for a Bank and Subsidiary

Challenges

Decentralized Identity Management:
- Separate IAM systems in the bank and its subsidiary caused inconsistencies in access policies and controls.
- Overlapping user roles and identities led to privilege creep and excessive permissions.
Audit Preparedness Gaps:
- Lack of centralized logging for access events hindered compliance reporting and incident investigation.
- Incomplete and outdated documentation of IAM policies and processes made audit readiness challenging.
Legacy Infrastructure:
- IAM systems were partially integrated, with outdated protocols (e.g., LDAP-only without SAML/OIDC support).
- Difficulty in tracking access to legacy systems used by both organizations.
Privileged Access Risks:
- Insufficient controls over privileged accounts, including shared credentials.
- No mechanism for monitoring or auditing administrative access activities.
Regulatory Pressure:
- Growing scrutiny from financial regulators required demonstrating robust access management practices.
- Failure to comply with RBI, GDPR, PCI DSS, or SOX.

Comprehensive IAM Technical Audit:
- Conducted a baseline assessment to identify gaps in identity governance, authentication protocols, and access controls.
- Evaluated existing IAM tools for scalability, compliance readiness, and technical robustness.
Centralized Logging and Monitoring:
- Implemented centralized Security Information and Event Management (SIEM) to consolidate access logs from both organizations.
- Configured alerting for unauthorized or anomalous access attempts.
Policy Standardization and Documentation:
- Established unified access control policies, ensuring alignment with regulatory requirements.
- Created and maintained detailed documentation of IAM workflows for audit transparency.
Modernization of IAM Infrastructure:
- Migrated to a unified IAM platform supporting modern protocols like SAML, OIDC, and SCIM for application integration.
- Phased decommissioning of legacy IAM systems and migrated data securely.
Privileged Access Management (PAM) Enhancement:
- Deployed a PAM solution to enforce session recording and least privilege access for administrative accounts.
- Enabled automated credential rotation for shared accounts.
Automation and Reporting Tools:
- Automated user provisioning, deprovisioning, and recertification workflows to reduce manual errors.
- Integrated IAM with GRC tools for real-time audit reporting.

Improved Audit Readiness:
- Reduced audit findings related to IAM by 80%, achieving faster certification from financial regulators.
- Comprehensive access logs and reports met all compliance requirements.
Enhanced Security Posture:
- Reduced incidents of privilege misuse by 70% with stricter privileged account controls.
- Proactive detection and mitigation of access anomalies through SIEM integration.
Operational Efficiency:
- Streamlined IAM processes reduced manual effort in audits by 60%.
- Unified policies eliminated redundancy and improved identity governance.
Modern and Scalable IAM System:
- Positioned both the bank and subsidiary for seamless integration of cloud-native applications.
- Scalable infrastructure prepared for future acquisitions or expansions.
Stakeholder Confidence:
- Gained trust from stakeholders, including regulators and customers, through demonstrable compliance and security improvements.
- Established IAM as a key enabler for secure and efficient business operations.