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.

Data Compliance Blog

Improve Data Accuracy with Intelligent Document Processing

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.

Transforming Data Minimizes Risk

The main capabilities of IDP are locating and extracting unstructured and semi-structured data from both physical or electronic documents and transforming it into structured data. The extracted data can be seamlessly and securely exported into any other application or repository with the ability to be searched or analyzed. IDP eliminates the need for humans to manually find, review, classify, redact or handle any of the data included in documents as well as minimizes the risk of exposing sensitive information to outside parties by having searchable data.

Benefits of Using IDP for Data Compliance

Ephesoft’s IDP platform is the first step of any digital transformation or hyperautomation initiative that includes document-centric workflows because structured data is required for any type of automation. Here’s how it can help:

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

Success Stories

SERIS

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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

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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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Blog: NARA’s M-19-21 Mandate

Read Ebook

eBook: A Better Way to Onboard Customers

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Datasheet: Optimizing Data and Content Acquisition in Financial Services

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Buyer’s Guide: Data Capture in the Cloud

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Blog: How to take the pain out of KYC

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Webinar: Is your onramp an offramp? Customer onboarding in the age of AI

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