Businesses today face increased risk from both industry sources and local, state and federal agencies. Regulatory compliance describes the goal that organizations aspire to achieve in their efforts to ensure awareness and compliance with relevant laws, policies, and regulations. Due to the increasing number of regulations and need for operational transparency, organizations are increasingly adopting the use of consolidated and harmonized sets of compliance controls. This approach is used to ensure that all necessary governance requirements can be met without the unnecessary duplication of effort and activity from resources.
- Design data quality processes to comply with regulated industries such as insurance, health care, financial services and utilities
- Leverage marketing suppression lists for do-not-contact, opt-out and deceased individuals to comply with federal and state marketing regulations
- Calculate accurate fee & tax charges for utility bills, auto and home insurance, mobile phone invoices and online retailers’ sales taxes based on accurate address information.
- Enable accurate escheatment processes for the return of customer’s funds for deposits, earned interest, or unused premiums.
- Adhere to the strict financial and HIPPA health regulations for sending sensitive information to the correct and lawful recipient.
- Perform precise identity confirmation to prevent identity fraud, harsh penalties and damaged reputations
of Financial Risk Managers are somewhat to very concerned by the quality of their data
of business and its leaders believe their business processes suffer from inconsistent or flawed data
of data quality problems are due to manual data entry by employees