Global foreign exchange and business payments specialist, Travelex, has implemented an policy management solution provided by Metacompliance. Travelex considers the issue of security for all data to be of paramount importance and is therefore committed to driving best practice in Data Security throughout its organisation. They will use the solution to ensure employee accountability for customer data by automating the self certification of compliance statements, IT Security policies, risk assessments and user awareness campaigns.
With operations in 26 countries and employing 6,000 people worldwide, it was imperative for Travelex to find a robust and innovative system that would easily integrate with existing infrastructure. In addition Travelex required a solution that would allow them to manage compliance with the Payment Card Industry Data Security Standard (PCI DSS), alongside the other regulatory frameworks that apply to a global financial organisation.
“As a global specialist in the foreign exchange and business payment industry, Travelex is committed to information security,” says Duncan Phillips, IT Security Manager. “When faced with the daunting task of managing, deploying and monitoring company policies, there was only one product on the market which satisfied our requirements completely, and which integrated with our existing infrastructure. This solution is the MetaCompliance suite. Travelex will be using MetaCompliance to distribute a variety of policies to its employees across the globe, and to track acceptance levels, which will result in greater awareness and a more aligned business, than might be possible without such a tool. This in turn, will help to address many of the legal and regulatory compliance requirements that are applicable to a global business. Throughout the initial pre-sales and engagement process,Metacompliance has displayed professionalism, integrity and flexibility, and I look forward to a continued partnership as we progress towards the global deployment and use of the MetaCompliance suite.”
Robert O’Brien, Chief Executive of Metacompliance stated “We are delighted to work in partnership with Travelex; we feel that our solution is ideally placed to allow Travelex to achieve their business compliance objectives going forward. The MetaCompliance Suite assists organisations in dealing with internal security issues and communication of compliance in a practical way. The technology approach is simple: ensure communication and understanding of best practice and demonstrate compliance and evidence of duty of care. It is critical that everyone in the organisation shares the effort required to maintain high levels of customer data protection.”
Many companies already make use of technology, such as email and intranet, to display corporate information, and may feel that they already have this area covered. The fact is that in today’s increasingly regulated global environment, these methods are no longer a credible means of policy communication. There is no way to track who has read a policy and, perhaps most importantly, if they understood it, in order to achieve the evidential weight required by today’s regulatory frameworks. Installing an Intelligent Policy Management solution, such as the MetaCompliance self certification product suite, can allow a company to automate to save time, costs and mitigate the high risks of regulatory compliance failure.
Travelex has begun the project with the deployment of MetaCompliance Enterprise to all of its PC users, and will further utilize the MetaCompliance solution by installing MetaCompliance Laptop on its large laptop estate.
Travelex is the world's largest foreign exchange specialist, with over 650 retail branches and 16,000 business customers. There are retail branches at key airport, seaport and rail locations, in addition to tourist and business centres around the world. Around 40% of the world's airline passengers, over 1.3 billion people, pass through airports at which the business operates including the major gateways at London, New York, Hong Kong, Frankfurt and Sydney.
Travelex is the world's largest non-bank provider of business payment services, providing integrated solutions for businesses. The group is also one of the world's leading providers of outsourced travel money to banks, travel agencies and other financial institutions and the world's oldest issuers of Travellers Cheques.