Regulatory Compliance

Companies today are faced with a range of regulatory obligations and enterprise data underpins their ability to either comply or to prove compliance. Flaws in the reporting can result in penalties such as formal warnings, financial penalties and criminal prosecution. Prison sentences and fines of tens of millions of pounds are rapidly becoming the rule, not the exception.

For example, a large UK company had major problems with a new billing system which in turn lead to many customer complaints. Senior managers decided to hide the failure of the billing implementation from their Board by modifying the way that customer complaints were recorded. Once this came to light, the regulator imposed a penalty of over 3% of their annual turnover and forced them to implement better internal procedures - a significant price to pay for something that could have been detected much earlier.

Invariably, specific systems need to be built to accommodate regulatory reporting requirements, which requires disparate data from the entire enterprise to be combined into a single, integrated and navigable structure. Any company that has undertaken this task will know just how complex and expensive this is to achieve, and how little confidence they have in the results such applications produce. With X88 Pandora, business users themselves could interrogate and audit enterprise data to highlight issues for correction and suggest improvements in existing business processes.

The Solution

X88 Pandora allows business people, working in a secure, collaborative environment, to quickly get the regulatory information they need from their data without having to build a new IT system. With no technical skills, they can combine raw data from anywhere in the enterprise to rapidly discover and resolve data issues, uncover hidden information and cross-reference data to establish lineage, propagation and consistency across the enterprise. Data is automatically related together across the enterprise and a topical view can be created using the built-in Business Glossary. Business rules can be applied graphically with Business managers and staff evaluating how well the business complies with regulatory rules. Whatever your regulation requirements, the answer is in your enterprise data. Pandora makes it simple to get the information you need, when you need it.