How confident are you that your institution is managing identities securely and efficiently?

Have you considered how an Identity Lifecycle Management (ILM) solution can streamline this for you?

An ILM solution is designed to give you enhanced control over user access, all while delivering significant business benefits. Let’s explore how it can work for your institution.

The process spans the entire lifecycle of a user's interaction with the institution’s systems, from onboarding new users to offboarding them when they leave.

Onboarding

• As soon as a new user is added to the system, ILM automates the provisioning of necessary resources, such as email accounts, software access, and permissions based on predefined roles.
• Integration with Active Directory, LDAP, and other enterprise systems ensures a smooth experience without redundant data entry.

Role Adjustments

• Users’ access is continuously monitored and updated as they change roles, ensuring they always have the appropriate permissions.
• Role-based access controls allow for easy management of permissions, reducing the risk of over-provisioning or under-provisioning access.

Offboarding

• When a user leaves the institution, ILM ensures that their access is immediately revoked across all systems, eliminating the risk of unauthorized access and ensuring sensitive information remains secure.
• Automated workflows can send reminders for de-provisioning, ensuring timely removal of user accounts from systems.

Insights & Analytics

• ILM continuously tracks user activity, providing detailed reports on who accessed what and when.
• This feature helps detect unusual activity that could indicate security threats.
• The system integrates seamlessly with existing audit tools, ensuring a smooth and comprehensive compliance process.

How Identity Lifecycle Management Improves Outcomes

Investing in a comprehensive ILM solution brings measurable business benefits, including cost savings, efficiency improvements, and risk reduction. Let’s look at the graph…

Cost Savings:

Reduction in IT Support Costs:

Implementing automation in IT processes, such as provisioning and offboarding, can save businesses 20-30% in IT labor costs annually.

Gartner’s report on IT Operations Automation (2020) highlighted that organizations using automated identity management systems typically see an average 25% reduction in IT operational costs.

Source: Gartner, "Market Guide for Identity and Access Management," 2020

Decreased Downtime:

Automation improves onboarding speed and accuracy, reducing downtime by 50-60% and cutting potential security risks by 40%.

According to Forrester, companies utilizing automated IAM solutions reduced provisioning time by 55% and saw a 35% decrease in security incidents after offboarding.

Source: Forrester Research, "The Total Economic Impact of Identity Management Solutions," 2021

Efficiency Gains:

Faster Onboarding and Offboarding:

By automating onboarding and offboarding processes, institutions can reduce time spent on these tasks by 70-80%, from more than 5 hours to under 1 hour per user.

A report from IDC (2020) found that automation in user lifecycle management reduced manual processing times by an average of 75%.

Source: IDC, "The Business Value of Automating IT Operations and Access Management," 2020

Real-time Access Management:

Role-based access control and real-time adjustments can improve operational efficiency by 15-20%.

Deloitte's 2020 survey found that organizations leveraging automated access management solutions reported a 17% increase in productivity by minimizing delays in access provisioning.

Source: Deloitte, "The Role of Automation in Digital Transformation," 2020

Security and Compliance:

Reduced Risk of Data Breaches:

Automating identity lifecycle processes can reduce the risk of data breaches by 30-50% by ensuring timely de-provisioning and reducing unauthorized access.

The Ponemon Institute's 2021 report on data breaches found that companies with automated IAM solutions had 40% fewer data breach incidents due to proactive access management.

Source: Ponemon Institute, "Cost of a Data Breach Report," 2021

Easier Compliance Audits:

Detailed logs and automated workflows simplify compliance reporting and audit preparation, cutting audit preparation time by 40-50%.

IDC’s 2021 report noted that institutions automating their IAM systems experienced a 45% reduction in audit costs, due to the availability of real-time, automated compliance data.

Source: IDC, "Global IT Compliance and Security Trends Report," 2021

In a Nutshell...

An Identity Lifecycle Management solution provides a seamless, secure, and automated approach to managing user identities. By streamlining onboarding, role changes, and offboarding, institutions can reduce costs, improve efficiency, and enhance security. The result is a more agile, cost-effective, and secure business that can scale with ease while minimizing risk.