As we discussed in our recent blog, Capital Markets firms are increasingly focused on making data protection a top priority. They have recognised increased reliance on technology to drive innovation and efficiency comes hand in hand with escalating cybersecurity threats. In the European Union (EU), stringent data protection regulations like the General Data Protection Regulation (GDPR) and the Digital Operational Resilience Act (DORA) set the benchmark for safeguarding sensitive information. Central to meeting these regulations is adherence to a known framework such as SOC2.

SOC2, or Service Organization Control 2, is a framework designed by the American Institute of Certified Public Accountants (AICPA) to ensure that service providers securely manage data to protect the interests and privacy of their clients. While SOC2 originated in the United States, its global relevance has grown, especially with the increasingly interconnected nature of businesses and the borderless digital environment.

One of the primary reasons SOC2 is gaining prominence is its alignment with the core principles of EU regulations, particularly GDPR. SOC2, with its focus on data security and privacy controls, serves as a complementary framework that aids organizations in meeting GDPR’s stringent standards.

The SOC2 framework consists of five Trust Service Criteria: Security, Availability, Processing Integrity, Confidentiality, and Privacy. Each criterion addresses specific aspects of data management and protection, making SOC2 a comprehensive approach to cybersecurity.

The Security criterion, for example, emphasizes the need for robust access controls, encryption, and monitoring to safeguard sensitive data. In the context of GDPR, this aligns seamlessly with the regulation’s requirement for implementing appropriate technical and organizational measures to ensure a level of security appropriate to the risk.

At KRM22, we have taken our steps to meet our obligations to data protection since foundation. We appointed a DPO to give our customers confidence that we address GDPR in an appropriate manner, and have a CISO to manage information security as a whole. Alongside this, we built our processes to be SOC2 compliant from day one. This culminated in us achieving our first successful audit three years ago. This month we have completed our 2022/23 audit, and have passed again.

Not only do we give cybersecurity the respect it deserves, but we practice what we preach. We use our Risk Cockpit software to manage our entire SOC2 audit process. By tracking regular tasks and processes in the Risk Cockpit, we are able to extract evidence for our auditors simply and quickly. This year, this has led to us not receiving any clarification requests, a first for our audit process. Our auditors have commented at how much they appreciate this level of accuracy and tracking.

In conclusion, as organizations navigate the intricate landscape of cybersecurity and EU regulations, SOC2 emerges as a beacon of assurance and compliance. KRM22’s Risk Cockpit has been built to assist firms manage these process. Talk to us about how we can help you with your SOC2 and other framework management.

Every so often, our professional lives can combine with our passions outside of work. My band, August Son, playing for the 12th Annual ALTSO Rocktoberfest in Chicago is one of those moments and a highlight for me. It’s shaping up to be an unforgettable night of music, camaraderie, and making a real difference in the lives of children in need.

For those who might not know, ALTSO (A Leg To Stand On) is an organization that changes lives by providing prosthetic limbs to children in need. By donating to ALTSO, August Son is directly supporting this mission and helping kids lead better lives. To date, they’ve already provided prosthetic limbs to 22,000 children, and that number continues to grow, thanks to events like Rocktoberfest.

Now, let’s talk music. Rocktoberfest is a showcase of talent from the financial industry, and August Son is proud to be one of the six excellent bands taking the stage. As a musician, nothing beats the thrill of playing live, and when that music benefits those who need a special type of help, it’s truly something special.

Our band, August Son, has a unique mix of members, including two doctors. For them, this event is a highlight of the year, a chance to combine their love for music with their passion for helping others. Some members have said it surpasses sharing the stage with The Marshall Tucker Band and WAR! We’ve been playing since 1989, and over the years, we’ve developed a deep appreciation for using our talents to support charity events in and around Chicago.

Helen Keller once said, “The simplest way to be happy is to do good,” and I couldn’t agree more. Rocktoberfest embodies this sentiment, bringing happiness to all involved while making a profound impact on the lives of those less fortunate. I tip my hat to Gabriella Mueller Evrard, Hannah Schumacher, and Beth Ann Hemming from ALTSO for their tireless dedication and effort in organizing this event.

A heartfelt shoutout is also in order for the Martino Family, the Tidland Family, and my company, KRM22, for their generous sponsorships. It’s the support of sponsors like these that make events like Rocktoberfest possible and enable August Son to continue making a difference through our music.

In the spirit of Rocktoberfest, let’s not forget the joy of coming together with friends, coworkers, and industry colleagues. It’s not just about the music; it’s about the shared experience of making a positive impact on the world. So, come on down to City Winery on that magical evening and join us in supporting this incredible cause.

August Son loves to play live, and our passion for music and charity events runs deep. Keep an eye out for our upcoming shows at venues across the Chicago area. We’re always thrilled to share our music with you, and who knows, your attendance might just change a child’s life for the better.

Here’s how to support August Son:

A Leg To Stand On (ALTSO) is a nonprofit providing free, high-quality prosthetic limbs, orthotic devices, and appropriately fitted wheelchairs to children in the developing world.

Two decades of ALTSO’s Rocktoberfest series have harnessed the power and generosity of the financial services industry to help 22,600+ CoolKids across 20 countries — empowering the next generation.

ALTSO’s 12th Annual Rocktoberfest-Chicago will take place on October 5th at City Winery in Chicago. Rock For Good because mobility is more than movement, it’s a human right. Mobility provides access to education, future employment, and the tools to live self-sufficiently.

A Leg To Stand On, Inc. is a US Based 501(C)3 EIN 02-0594709 & UK Based Charity 1118048

I grew up in a typical Dutch family with my father, my mother and two sisters. From the beginning women out numbered men. The greatest thing my parents taught me was that as a woman you needed to be independent; independent of your ‘husband, boyfriend or partner’, and my father was just as keen on this rule as my mother. My sisters and I were lucky enough to receive a full education – school, college, university, after which we all found successful jobs and grew into independent adult women. We made our own choices, but always felt comfortable to ask for advice when it was needed.  

I admire my parents for their thinking and I’m lucky that my inspiration was so close by, but there were plenty of others who inspired me as well. Margaret Thatcher, the Iron Lady. Angela Merkel, frequently referred to as the de facto leader of the European Union and the most powerful woman in the world. Oprah Winfrey, funny and inspirational as a TV host whilst exuding professionalism and using her influence to bring attention to global issues. Martina Navratilova, a fabulous tennis player and outspoken supporter of LGBT rights. Sinead O’Connor, her version of ‘Nothing Compares 2U’ (which still makes me cry when I hear it), her shaved head, dare to be yourself attitude! Serena Williams, another great tennis player, who not only demonstrates tenacity and perseverance, but uses her profile to promote body positivity – a great example for all. And then most recently, the next generation of inspiring leaders such as Malala Yousafzai and Greta Thunberg, encouraging young people to speak up and demand a liveable world for generations to come.  

Working in HR I am passionate about equality in the workplace and to achieve this there needs to be a greater focus on women’s education in certain fields. I have worked in the IT industry for decades, where despite conversations around gender diversity in tech, women are still underrepresented. There needs to be active promotion of a digital education to females all over the world – to close the gender gap in technology and to change the image of what a programmer or engineer may look like. If we want to be diverse and equal in our workplace, we need to have woman players to choose from as well as men. Combined male/female work forces are far more productive and creative than sole male or female work forces. In my opinion it makes sense; get more female students through the TECH doors – it is a great industry to work in.  

This year’s International Women’s Day theme is “Imagine a gender equal world. A world free of bias, stereotypes, and discrimination. A world that is diverse, equitable, and inclusive”. Women’s Day is not only for women but a special day for everyone! Let’s celebrate this lovely day.

The long-awaited return to BOCA is upon us. After almost two years without an in-person event, FIA IDX in London was a huge success and we cannot wait to get back to BOCA with an exciting year ahead. BOCA brings together some of the brightest minds in the industry and provides the opportunity for us all to meet, network with, and learn from colleagues in the field. While we have successfully embraced the virtual working world, nothing can replace the power that comes from in person collaboration and the dynamic engagement that comes from physical events.

So, what can you expect from KRM22 at BOCA?

Ultimately the conference is a time for us to share our important company and product updates. Two years ago, we arrived at BOCA fresh out of the starting gate announcing our Global Risk Platform. We now look forward to showing you how far we have come, where we’ve continued to develop, improve, and enhance our Risk Services to meet the demands of changing markets and deliver best practices to our customers. We also plan to launch the first in a series of new offerings through our partnership with Trading Technologies (TT), an exciting step forward in the KRM22 growth story. Stephen Casner, KRM22 CEO, will be joining Executive Management from TT at their Information Exchange on Tues 17th March to share why the TT / KRM22 partnership makes sense for the industry and what you can expect in the year to come.

Most importantly, we’re looking forward to catching up with long-time friends –feeling connected to our customers and peers and understanding the challenges they face is what motivates us to continue doing what we do. You will find us showing off our golf skills (or trying to) at the FIA Boca Charity golf event, sharing stories and supporting an organisation close to our hearts. Futures for Kids is a fantastic charity, and it gives us great pleasure to support them and all the work they do.

As always, the FIA puts a thought-provoking program together and 2022 promises to be no different. As the flagship event of the industry, it gives us all the opportunity to get a sense of what the next year will hold – I for one, am very excited about what the next year holds for KRM22. Stay tuned!

If you would like to meet any of the team at FIA Boca, please reach out directly to me (dan@krm22.com)or Alice Pocklington our Head of Marketing Communications (alice@krm22.com)