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In today’s corporate environment, “compliance” should be built into every business’s daily operations. Compliance is the process of making sure that a company and its employees follow all applicable standards, regulations, and rules. The purpose of compliance is to protect a business, especially in the areas of fraud, abuse, discrimination, and data theft or compromise.
Data Security and Compliance
All businesses collect data. Every employee, customer, client, supplier, and contractor that interacts with a business provides sensitive data that must be protected by law. Data compliance processes include ensuring the protection of data in the ways that data is gathered, stored, secured, and analyzed. Having good data compliance helps signal confidence in a company to its customers, avoids damaging publicity or legal action, helps attract high-caliber employees, and it enhances the bottom line.
Business Intelligence—Key to Compliance
Business Intelligence (BI) is the combination of strategies and technologies for the management and analysis of business information. BI provides actionable information that facilitates data-driven decision-making.
Cloud-Based Business Intelligence
Cloud-based business intelligence automates and helps to optimize business processes to realize the benefits of having the right information, in the right format, at the right time, and to ensure business compliance. Cloud-based business intelligence offers the advantages of affordability, ease of use, data optimization, data security, ease of data integration, and reduced implementation time.
How to Improve Compliance in a Company
Effective business compliance starts first with assessing all the potential risks to a company, and that assessment should be done annually. Keeping compliance up-to- date helps ensure compliance relevance and effectiveness.
Second, every company should create and document its compliance program, including its policies, processes, and procedures.
Third, it is critical to continuously monitor standards and regulatory requirements along with all appropriate accountabilities.
Fourth, every company must engage in constant and consistent response and remediation to compliance breaches.
Fifth, a compliance program should be a living effort, continuously reviewing and documenting program improvements including mitigating controls.
Sixth, continuously update an assessment of risks for your company.
What DataTerrain Can Do for You
DataTerrain provides cloud-based capabilities enabling data analytics starting with data preparation, enterprise reporting, and “what if” modeling. Our services include automated reports and dashboard development, functionality testing, data testing, analytics optimization, and analytics deployments.
DataTerrain provides cloud-based Human Capital Management (HCM) capabilities with integrated BI Tools that support core HR, payroll workers compensation, tax, talent management, performance management, collaboration, workforce analytics and HR compliance.
Seek Superior Cloud-based Business Intelligence Services
Our proven automation technology delivers business intelligence at your fingertips. We provide real-time analytics and reporting that drives business results and compliance. To learn more about your company’s options, please contact DataTerrain here.