Using external staff gives the financial sector more flexibility for scaling its services up or down on an ad hoc basis. The growth of hybrid working and the shift to online services has increased the need for external staff exponentially in recent years. Using external employees also brings challenges. Moreover, the financial sector is subject to considerable supervision and strict regulations.
The financial sector is struggling to implement a robust strategy for external identities. The process of onboarding external employees isn’t aligned with companies’ standard HR processes. This can delay the onboarding process and drive up costs.
Additionally, offboarding isn’t always carried out securely because there aren’t always triggers in the process to revoke the external identity’s access and rights. There should be a periodic access check to ensure that you have control over who can (still) access your data and systems.
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