NYDFS 500.13 Compliance: How Workwize Simplifies Asset Management and Data Retention

What Does NYDFS 500.13 Require?

If you're a financial institution (or a "Covered Entity"), here’s what you need to do:

• Build and maintain a full, documented inventory of assets across your information systems.

• Regularly update and validate your asset inventory to ensure accuracy.

• Develop clear processes to securely dispose of non-public information you no longer need, unless legal or practical reasons require retention.

Failing to meet these requirements could lead to audits, penalties, and serious business risks.

Workwize Makes NYDFS 500.13 Compliance Simple and Stress-Free

Workwize takes the complexity out of IT Asset Management (ITAM) and data retention compliance. With our platform, you get a unified, automated system that centralizes asset tracking, simplifies lifecycle management, and ensures accuracy at every step. Here’s how Workwize helps you stay NYDFS-ready:

1. Build a Centralized Asset Inventory

Workwize keeps your entire asset inventory in one place, updated in real-time across all systems, devices, and locations. Here’s what we track for you:

• Purchase and Provisioning Dates: Know exactly when each asset was bought and deployed.

• Ownership and Location: Assign assets to owners and track where they’re being used—even for remote teams.

• Technology and Versions: Stay current with software versions and hardware classifications.

• Access and Audit History: Monitor access rights and keep incident logs for easy audits.

• Warranty and EOL Data: Get automated alerts for warranties and End-of-Life deadlines.

With Workwize, you get full visibility into your assets at every stage—exactly what NYDFS 500.13 requires.

2. Automate Asset Updates and Validation

Workwize makes asset validation effortless, so your inventory is always accurate and audit-ready:

• Seamless Integrations: Connect Workwize to your IT systems, HR platforms, and procurement tools for continuous updates.

• Automated Audits: Schedule automated checks to validate your inventory regularly.

• Real-Time Monitoring: Keep track of assets 24/7 with up-to-the-minute data.

You never have to worry about outdated or incomplete asset information.

3. Secure Data Retention and Disposal

Workwize ensures you securely handle and dispose of non-public information, so you meet NYDFS’s strict data retention requirements:

• Track End-of-Life (EOL) dates and asset dependencies.

• Automate data erasure workflows during offboarding or decommissioning.

• Generate disposal certifications to prove compliance during audits.

• Log removal and reassignment audits to show a clear chain of custody.

With Workwize, you’ll always have a documented process for secure data disposal, ready to show auditors.

4. One Platform, One Source of Truth

Workwize centralizes your asset management into a single platform, ensuring clean, accurate, and consistent data. That means:

• Audit-Ready Reports: Generate compliance reports instantly, without digging through spreadsheets.

• Complete Lifecycle Visibility: Track every asset from purchase to disposal.

• Automated Workflows: Reduce manual effort with pre-built processes tailored for NYDFS compliance.

Why Financial Institutions Trust Workwize

Workwize simplifies compliance so you can focus on running your business. With our unified platform, you get:

• Full Asset Visibility: Know where every asset is, at all times.

• Reduced Risk: Eliminate manual errors and ensure compliance.

• Operational Efficiency: Automate tasks, save time, and reduce IT workload.

• Audit-Readiness: Always be prepared for regulatory reviews with clean, reliable data.

Meet NYDFS 500.13 Compliance with Confidence

Staying compliant with NYDFS 500.13 doesn’t have to be complicated. Workwize makes it easy to track assets, automate updates, and securely handle sensitive data—all in one place.

Want to see how Workwize simplifies compliance for financial institutions?

Book a Demo and let us show you how Workwize keeps you audit-ready and stress-free.