Regulatory compliance is getting stricter across business sectors and all across the world. Even companies in less regulated sectors who have had never needed to worry about regulations like HIPAA, BCBS 239 or Solvency II, have been awakened to GDPR, the strict data protection rules set by the European Commission.
Behind all these requirements is the regulator’s goal to make sure that the companies are able to assume full responsibility for the information provided by the companies to represent reality. Compliance can no longer be achieved by treating it as an exercise of ticking boxes and companies are struggling to meet the different sets requirements and faster turnaround times for periodic reporting. The options are for companies to establish full and central control over their information or to set aside a significant part or their financial assets to offset risks related to non-compliance.
Understanding the information assets required for regulatory reporting or to meet other regulatory requirements is the foundation to set up and provide data to support any compliance initiative in parallel to being able to provide audit trail for external verification. Establishing actual governance over information assets in a large organization is a massive undertaking as the information is spread out between technical systems, some of which are constantly updated, and the insight to the meaning of data is often siloed and compartmentalized. Traditional methods for maintaining central oversight over information are either inefficient, extremely costly or will hinder all technical development to pace that will not meet the business requirements.
Orion Governance platform will allow you to set up and automate the data governance process, which will dramatically accelerate your journey towards establishing and maintaining successful data governance program.
Read more about how Orion can help you get compliant with GDPR, the European data protection regulation.