Manage and Mitigate Risk with Master Data Management

A product information management (PIM) solution like Stibo Systems Product MDM enables visibility into a range of product attributes to meet the demands of consumers and regulatory systems regarding nutritional information and labeling across complex global markets.

Product MDM collects data from multiple sources and creates a golden record of information to ensure product and packaging descriptions conform to standards for identification, safety and traceability.

Enabling and managing transparency and traceability into the supply chain, including ingredients, sources and product origin, empowers business to quickly mitigate risk of product recalls and health concerns, avoiding costly disruptions and ensuring the health of the business in the process.

Stibo Systems MDM allows companies to track and record all data associated with the lifecycle of the product from concept to consumption. It enables them to manage all data domains (suppliers, locations, products, etc.) to ensure traceability and fulfillment of standards and policies, even in the most complex environments.

Customers using fake IDs can be a severe problem for retailers who might risk shipping goods to people who are not allowed to purchase or trying to evade payment. But especially banks are required to know their customers to prevent fraud and money laundering. Banks quite simply need to make sure that their customers are for a fact who they claim to be. To this end, banks can impose a set of minimum requirements, such as ID card, face verification and proof of address. Non-compliance with KYC regulations can result in dramatic penalties for the bank.

For corporate and investment banks, the KYC policy is more complex due to the many ramifications of corporate structures and engagements. Collecting and maintaining KYC data is obviously a costly and cumbersome process that runs risk of accumulating duplicate and incomplete information, storing it in different business applications. When these applications become silos of information, the information sharing within the bank – and hence the risk management – is hampered.

A data-driven approach is more viable. Stibo Systems MDM can help you to reconcile and enrich customer and party data across your business systems with automated data processing. MDM works on top of your data applications to facilitate unique identification of entities, even across borders, subsidiaries and different departments.

MDM supports your data governance policies by, for example, removing duplicates and disclosing incomplete information to create a golden record of the client entity. Reconciliation of customer data is the first step towards trusted entity identification. Furthermore, MDM can automatically map how entity data connects and relates across the entire organization and beyond and ultimately raise a flag in case a customer relationship reveals a potential risk. Use MDM to build a 360° customer view that encompasses KYC information, subsidiaries, contracts, parties, relationships and more.