Turn Compliance into Advantage with Master Data Management

The volume and the complexity of consumer data require organizations to implement systems that support compliance and enable the enforcement of their data policies.

One of the many value drivers behind a master data management (MDM) program is regulatory compliance. By leveraging an MDM solution, organizations can gain data transparency which is a key aspect of compliance.

Stibo Systems Customer MDM provides the accountability, trust and transparency in personal identifiable information (PII), including where data is held, how long it is held for, its traceability and lineage, etc. Customer MDM empowers regulatory compliance across the following key areas:

• Identity resolution: create, sustain, and govern a trusted single version of the truth as a foundation for GDPR compliance.
• Consent management: understand what an individual has consented to using centralized or consolidated consent management.
• Governance and support for the key areas of GDPR pertaining to rights of individuals, or data subject access requests (DSAR): right to be forgotten, right to be informed, right of access, right to rectification and data portability.
• Adherence to privacy by design principles: establish a single unified view of individuals which is accurate, up to date and verified, monitoring and enabling adherence to data retention policies.

Workflow automation and the ability to robustly handle exceptions can accelerate business processes and prevent your customers being held hostage to bad data.

Capabilities of Customer MDM include:

• Automated and flexible workflow
• Business rules
• Configurable web UI’s
• Dashboards
• Reporting

Get more information about MDM-enabled AML and KYC compliance under “Master Data Management built for Banking and Capital Markets”.

Managing product and customer data is not feasible when it is scattered over several applications. This hampers the ability to locate product masters and provide up-to-date views of customer records.

MDM works alongside business systems, unifying product data in a single source of truth and supports creating 360° customer views.

Unified product and customer information management can help you resolve the complexity of your data and ensure that your products are described correctly with the right attributions.

Stibo Systems MDM can facilitate the management of attributes that are important for regulating authorities, such as:

• Product eligibility
• Consent requirements
• Risk assessment
• Customer relationships
• Data ownership

This will provide you with the crucial transparency in your data and improve your ability to automate compliance reporting.

Streamlining your reporting with MDM can free time for more profitable activities.

The compliance demands imposed by your business partners are meant to enhance collaboration. However, they need high-quality data from a reliable source. Curating data manually by an extended use of spreadsheets is not sustainable.

Stibo Systems MDM provides the APIs and the controls to ensure that your product data is fit for compliance and easy to share.

MDM even synchronizes your data to match any format needed for consumption by all applications within the supply chain. This includes local standards set by specific retailers.

Companies that apply automated data mapping and transformation to achieve compliance can save up to 90% manual work, reduce the error rate significantly and become a most valued business partner.