Master data management can help data leaders succeed in data governance and extract maximum value from their data.
Data protection regulations such as GDPR, LGPD and CCPA exist to protect consumers. They include the right to opt out, the right to access, consumer consent and much more. The consequences of non-compliance are significant.
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:
Whether or not you're a European company, you can't ignore the EU’s General Data Protection Regulation (GDPR) that came into effect in 2018. It must be reflected in your policies, processes, systems, and organization. Here you'll find answers to your questions about the GDPR.
What is personal data, and where is it used? Do you process personal data? How does the GDPR affect your business? Do you need a data protection officer? And how can master data management help you support compliance with the GDPR?
Companies that need to comply with anti-money laundering (AML) and know-your-customer (KYC) regulations can find help in the streamlined customer onboarding capabilities of Customer MDM.
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:
Get more information about MDM-enabled AML and KYC compliance under “Master Data Management built for Banking and Capital Markets”.
Regulators and consumers are inquiring ever deeper into the accuracy of data and the processes by which it is being created.
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:
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.
Global standards and classifications such as GS1, ETIM and ECLASS make trading and the exchange of product information easier. Non-compliance with these standards can even entail penalties and additional costs.
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.
Normalize data according to standards (e.g., GS1, ETIM) and automate the process to simplify trading and drive supply chain efficiency. Learn more about solve compliance issues in CPG.
IDMP, UDI or MDR... master data management ensures mission critical data is fit for compliance and ready to play an active role in supporting your competitive advantage. Learn more about MDM for life sciences.
The wealth of data about your customers and the products and services they use requires a mature master data management approach to ensure compliance with complex data regulations. Learn more about using MDM in telecom.