No Need To Change Existing Systems,
Service Providers, Or Institutions
Compliance
Global Customer Insights In Real-Time
Compliance
Feature Overview
How The Compliance Feature
Can Bring Value To Your Global Organization
Compliance capabilities are essential for managing the complex regulatory requirements and standards landscape. As illustrated by quantifying the benefits of each feature, these capabilities not only help an organization avoid costly fines and penalties but also contribute to its operational efficiency and the protection of customer trust. Implementing these compliance features enables an organization to maintain a strong stance on regulatory adherence, safeguarding its reputation and ensuring long-term sustainability.
Automated Compliance Monitoring
Feature Description: Offers continuous, automated monitoring of business operations against regulatory requirements and standards to ensure ongoing compliance. This feature can detect potential compliance issues in real time.
Benefit and Savings: Automated monitoring significantly reduces the risk of regulatory violations, which can lead to fines and penalties. Businesses can save an estimated 30% in potential fines and legal costs by preventing compliance breaches. Additionally, automation can free up resources otherwise spent on manual compliance checks.
Data Privacy and Security Management
Feature Description: Ensures customer data is handled in compliance with data protection laws (e.g., GDPR, CCPA) through robust data management and security protocols.
Benefit and Savings: Proper data privacy and security management can prevent data breaches, which may cost companies millions in fines, legal fees, and lost business. Efficient data management can reduce the risk of breaches by an estimated 50%, translating into substantial financial savings and maintaining customer trust.
Regulatory Change Management
Feature Description: Keeps the company informed of regulatory changes and updates, ensuring compliance strategies are adjusted promptly to reflect the latest requirements.
Benefit and Savings: Staying ahead of regulatory changes can prevent non-compliance penalties and ensure business operations are not interrupted by the need for sudden adjustments. This capability can provide an estimated 20% advantage in compliance efficiency, ensuring businesses remain agile in the face of changing regulations.
Compliance Reporting and Documentation
Feature Description: Automatically generates reports and documentation required for regulatory audits and compliance checks, ensuring that a company can easily demonstrate its compliance efforts and status.
Benefit and Savings: Streamlining the reporting and documentation process can save businesses approximately 15% on administrative costs related to compliance management. It also reduces the risk of non-compliance due to incomplete or inaccurate reporting, potentially avoiding additional fines.
Risk Assessment and Management
Feature Description: Identifies and assesses compliance risks associated with business operations, providing insights and recommendations to mitigate these risks effectively.
Benefit and Savings: Proactive risk assessment and management can decrease the likelihood of compliance failures by an estimated -30%, significantly reducing potential financial liabilities and enhancing operational resilience.
Risk Assessment and Management
Feature Description: Identifies and assesses compliance risks associated with business operations, providing insights and recommendations to mitigate these risks effectively.
Benefit and Savings: Proactive risk assessment and management can decrease the likelihood of compliance failures by approximately 30%, significantly reducing potential financial liabilities and enhancing operational resilience.
Employee Training and Awareness Programs
Feature Description: Facilitates the deployment of compliance training and awareness programs to ensure that employees understand regulatory requirements and the importance of compliance in their roles.
Benefit and Savings: Effective training programs can improve employee compliance rates by an estimated 20%, reducing the risk of human-error-related breaches. This proactiv
Compliance
Ensure Timely Compliance
Data Compliance
Data compliance is an all-encompassing concept referring to the practices and industry standards that ensure customer (and company) data remains secure – i.e., protected from theft, misuse, and loss. This includes various regulations, such as the European GDPR (General Data Protection Regulation) and the CPRA (California Privacy Rights Act). These rules dictate the terms by which corporations can collect, manage, and store sensitive consumer information. For example:
- CPRA’s purpose is to strengthen the privacy rights of California’s residents by redefining and expanding the California Consumer Privacy Act (CCPA). It provides consumers a greater opportunity to opt out of corporate data collection efforts and requires deliberate data privacy management by all types of businesses.
- While the CCPA refers specifically to California, it likely portends the adoption of similar protections by other regulatory bodies – as trends seem to favor the expansion of consumer rights (when it comes to their personal information). For example, consumers now have the right (broadly speaking) to see what information is collected about them and how that data affects their personalized experience with a particular brand. In fact, consumers can request a description of the logic involved in decision-making processes related to automated campaigns, ads, and other promotional activities.
Data Privacy
Data privacy compliance must be part of every company’s culture, business practices, and processes. Since any organization can collect data, safeguarding the privacy of that information must be an integral part of any entity’s IT strategies. The key objective is to ensure that AI and Data Analytics practices can monitor and deliver effective, thorough compliance at all times and in all contexts.
INSTANT® Compliance
INSTANT provides you with the ability to encrypt and “tokenize” (or mask) sensitive data. By utilizing this capability, information is rendered “anonymous” – i.e., the data cannot be traced back to an individual or an organization. This is especially important in situations that are subject to HIPAA regulations – such as personal medical information – as well as situations that deal with personal financial information.
