Get the Right Data to Meet Compliance Requirements
Protect Privacy and Maintain Security with Your Documents
With continual updates and new regulations to protect privacy and maintain security, companies need a way to ensure compliance with data governance policies and procedures. There is no leniency – and often hefty fines and jail time – when it comes to data breaches, loss of sensitive data or unauthorized data exposure. Across all industries, companies and government agencies must find a way to not only know what data they have, but how to protect it.
The need for compliance is growing:
The average cost of a data breach is $3.86 million as of 2020
Personal data was involved in 58% of breaches in 2020
Security breaches have increased by 11% since 2018 to the present
Records breached in the September 2021
In financial services, understanding your data can help anti-money laundering (AML) efforts and trade finance risks. In healthcare, HIPAA compliance must be safeguarded. Businesses and dealings in Europe must comply with GDPR. And, there are many more examples in industries such as biopharmaceuticals, higher education, government, service and others. The bottom line is what you don’t know can devastate your business.
In order to meet privacy and security frameworks, automating business processes with an IDP solution can overcome many obstacles to improve compliance. IDP has an impressive accuracy rate – up to 99.9% – making it the ideal solution for handling any compliance-related document or those that include sensitive PCI DSS, PII or KYC information.
Can process large volumes of documents fast
Streamlines regulatory reporting
Connects with any RPA or analytics applications for more complete information
Eliminates human errors from manual data entry
Enables searchable data to remove customer information if requested
Decreases audit times from weeks to hours
Can find documents in seconds
Drives employee productivity, accuracy and efficiency
Improves customer experience and satisfaction
Can be used for KYC or AML initiatives to reduce fraud and suspicious activity
SERIS
This large security services firm was able to gain a competitive advantage by being the first security company to introduce digital personnel files and maintain compliance.
Oakmont Bakery
This bakery deployed in less than 1 week, increased compliance and became 93% faster by automating their invoice processing.
Explore how Ephesoft’s platform has helped customers gain efficiency, accuracy and productivity.
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