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Reliable, integrated data drives successful compliance efforts
Issues of compliance are critical for every business. Put simply, a lack of compliance leads to tangible negative effects, including:
- Public relations fiascos from mismanaging or compromising private information
- Large fines from doing business with individuals designated on lists as "undesirable or suspect"
- Jail time for corporate officers if they approve and sign an inaccurate financial report.
Because all reports, transactions, customer interactions and other business efforts rely on enterprise data, it's crucial to manage and deliver the best possible information. A consistent, accurate and reliable repository of information is required for all compliance efforts.
Know your customers. Trust your data.
The role of data quality and data integration on compliance can take a number of forms. Organizations must ensure that customer transactions are legal and legitimate to meet anti-money laundering or anti-terrorist regulations such as the USA PATRIOT Act, enforced by the OFAC. This requires a powerful watchlist compliance solution, with the capabilities of matching customer records or transactions with lists of known or suspected politically exposed persons (PEPs).
Corporate responsibility and privacy statutes like Sarbanes-Oxley and Basel II provide another level of complexity for many organizations, as they require that the data itself be accurate and trustworthy when reported. For healthcare companies, the Health and Information Privacy and Portability Act (HIPPA) dictates what organizations can or cannot do with patient data. There are strict data controls that must be in place to comply with HIPPA.
Corporate governance establishes the standards required for your information. With DataFlux, you have the power to analyze the data you have to uncover potential weaknesses or deficiencies. DataFlux provides organizations with the corporate governance needed to establish an ongoing "check" through monitoring mission-critical business rules and process controls for meeting compliance regulations .