Changes in regulation around record-keeping, data privacy and security have challenged everyone involved in the information governance lifecycle.
In the past, Records Managers focused primarily on the source of records and the formats they were stored in, where and for how long. Retention schedules were set, but in many cases records were retained far beyond regulatory requirements, in case they were needed at some point in the future for compliance or litigation purposes.
However, ever-increasing volumes of financial services regulation, and complexities surrounding the intersecting worlds of records, data, privacy and security, have put decades-old manual processes and outdated systems to the test.
The frequency and severity of enforcement fines proves that information governance compliance challenges have escalated.
Today, with the enforcement of stringent new regulations that govern the use and management of personal data, disposition obligations are now as critical as retention.
Do you have the right policies and controls to ensure record-keeping compliance?
Crucially, Records Managers must know which records contain personal data, how it should be managed (within or separate from the record), and how it should be handled in transit as it crosses from one jurisdiction to another. And you must have policies and controls in place to ensure compliance.
When regulatory investigations arise, this information must be known and evidenced in a defensible, auditable form.
Are you certain your governance of records, data and information is compliant?
With one regulatory change occurring every twelve minutes, this is a question that Records and Data Managers across the globe consider daily. Faced with ever-increasing quantities of records and data, and regulation that is escalating at a relentless pace, large financial institutions are perpetually challenged by both volume and complexity.
New age challenges addressed by CUBE Digital Regulation Platform (DRP)
- Digital transformation. Manage all of your records, regardless of formats and data sources, in line with regulatory obligations.
- Permanent sea change in regulation. With more than 50,000 new regulations since the financial crisis and 55,000 regulatory changes every year, how do you keep pace with regulation that relates to your information assets? With CUBE DRP you can automatically and continuously track every relevant regulation, be alerted when regulatory change impacts your policies and controls, create compliant records management policies and apply them consistently across the enterprise.
- Heightened focus on data privacy. Personal data within records must be managed and audited throughout the information lifecycle. CUBE DRP supports your defensible disposition strategy, ensuring that all records are retained in line with regulatory obligations.
- Spotlight on security. Records and data must be protected and tracked in transit, as they cross from one jurisdiction to another, each with differing regulatory requirements. CUBE DRP offers full visibility of regulatory obligations, within and between jurisdictions, to mitigate compliance risk.
- Poorly connected, decades-old systems and manual processes. Unlike ineffective legacy systems and platforms, CUBE DRP provides depth of insight and the defensible audit trail required to meet regulatory obligations and resolve non-compliance, in this new age of privacy and security.
CUBE Digital Regulation Platform was borne out of an information governance heritage. We understand your records management and data privacy challenges and have developed the most accurate and reliable enterprise-scale regulatory intelligence and regulatory change management solution in the market today. Discover the value that RegTech can bring to enterprise-scale information governance.