User Access Review Best Practices for Financial Services Companies

In the financial services sector, where customer trust and regulatory compliance are paramount, user access review is not just a best practice — it's a business imperative. With sensitive financial data, payment systems, and customer records at stake, ensuring that the right people have the right access at the right time is critical.

Financial institutions face constant pressure from regulators to enforce strict access controls. To keep up, companies are increasingly turning to identity governance and administration solutions (IGA) to automate, streamline, and secure the user access review process. But technology alone isn’t enough — it must be supported by strong policies and best practices.

Let’s explore the top best practices to make user access reviews in financial services more effective and compliant.

1. Establish a Clear Review Policy

Start with a written access review policy that outlines who conducts the reviews, how often they happen, what systems and roles are included, and how exceptions are handled. A well-defined policy ensures consistency, auditability, and accountability across the organization.

2. Conduct Reviews on a Regular Schedule

Regulatory frameworks like SOX, GLBA, and FFIEC expect periodic access reviews — typically quarterly or semi-annually. Stick to a regular schedule to ensure timely revocation of unnecessary access and maintain compliance with industry standards.

3. Automate Where Possible

Manual reviews are time-consuming and error-prone, especially in large financial institutions. Leverage identity governance and administration to automate role assignments, trigger access certifications, and detect orphaned accounts. Automation improves efficiency and reduces the risk of human oversight.

4. Focus on High-Risk Users and Systems

Prioritize reviews for high-privilege users (like system admins and financial controllers) and sensitive systems (such as core banking platforms and trading systems). This risk-based approach ensures that the most critical access paths are always under scrutiny.

5. Include Application Owners and Managers

Involve business application owners and direct managers in the review process. They are best positioned to assess whether a user still requires access based on job responsibilities. This collaborative model improves the accuracy and relevance of reviews.

6. Make Use of Role-Based Access Control (RBAC)

Implementing RBAC helps standardize permissions and makes access reviews more manageable. When users are grouped into roles with predefined access rights, reviewers can focus on outliers instead of assessing every individual permission.

7. Track and Document All Decisions

Maintain a clear audit trail of all review decisions, including approvals, revocations, and escalations. This documentation not only helps in audits but also provides insights into access trends and potential vulnerabilities.

8. Train Stakeholders on Review Importance

Ensure that reviewers understand why user access reviews matter. Provide short training sessions or documentation to explain compliance requirements, risks of excessive access, and how to complete reviews effectively within the tool.

9. Integrate with HR and IT Systems

IGA tools should be integrated with your HR systems to ensure access is automatically updated when employees join, leave, or change roles. This prevents stale access and improves the accuracy of the review process.

10. Continuously Improve

Use audit feedback and review results to fine-tune your access policies, role definitions, and escalation workflows. Continuous improvement ensures your program remains aligned with evolving regulatory expectations and business needs.

Final Thoughts

In the financial services industry, where regulatory scrutiny and cyber threats are constantly rising, user access reviews are a frontline defense mechanism. By implementing these best practices and leveraging powerful identity governance and administration solutions, organizations can ensure secure, compliant, and efficient access management.

Investing in the right approach now can save millions in audit fines and reputational damage later — while also building a more resilient security posture.