Enterprise Data Compliance

Data compliance is a critical, costly, and complex issue. With increasing regulatory pressure on companies to comply with a myriad of policies and laws such as Basel II, AML (Anti-money laundering), MiFID, SOX, and more, it has never been more important to have a robust compliance system in place. High-profile bankruptcy cases, data security breaches and safety mishaps have only added fuel to this regulatory fire.

Costs of Compliance

In 2023, companies’ expenditures on governance, compliance, and risk were significant. The global enterprise governance, risk, and compliance (eGRC) market size was valued at USD 47.22 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 13.8% from 2023 to 2030. The pandemic alone drove up compliance costs by $33 billion from 2019 to 2020, totaling $213.9 billion in 2023, with more than 89% of those costs borne by U.S. and western European businesses.

Complexity of Compliance

Each corporation faces a large set of compliance requirements across various business segments, from managing internal IT to training personnel, ensuring product safety, and communicating information to shareholders promptly. With rules sometimes vague and informally specified, compliance governance requires understanding and interpreting requirements, and implementing and managing a multitude of control actions across a company’s business units.

Our Solution: Actionable Real-Time Compliance Measurement

Our automated compliance measurement solution provides real-time compliance information, addressing the common issues of loss of historical data and the rare availability of “live” or real-time information. We offer automated compliance measurements with historical tracking insights, allowing you to answer critical questions such as which rules your company needs to comply with, which processes should obey which rules, where and when violations occur, and which processes are under control.

Navigating Regulations and Policies

Our solution is designed to handle common examples of regulations including legislation (e.g., MiFID, The Electronic Commerce Directive), laws (e.g., AML, SOX, Basel II, HIPAA, NERC, GDPR), standards (e.g., CMMI, CoBIT, ISO-9001), and contracts or SLAs (e.g., for data mesh and data fabric architecture support). We help you navigate through these regulations and group them into policies, which are the company-internal documents that operationally describe how your company intends to achieve compliance with the selected requirements.

Risk Mitigation

At a strategic level, compliance is naturally related to the concept of risk. Noncompliant situations expose a company to risks that might be mitigated. For example, a non-encrypted message sent through the network might violate a security compliance rule, putting sensitive company information at risk. Our solution serves as a driver for internal compliance auditing, helping you mitigate these risks effectively.

Next Step

Contact us now to find out how BrightQuadrant can help you navigate regulations and policies as well as implement and monitor data compliance, thus mitigating your organization's legal and reputation risks through an optimal combination of our professional consulting services and innovative software products.