Regulated industries need accurate and verifiable records.
Reputations can depend on thorough record-keeping, as fines issued by the SEC in September show. Read more here.
However, data capture is fraught with challenges that hinder the transformation of raw data into complete and accurate records.
Fortunately, data reconciliation exists to provide data accuracy, integrity, and consistency.
Let’s take a closer look ⬇
What is Data Reconciliation?
Data reconciliation is a process for verifying data during data transfers. During data reconciliation, transferred data is compared with source data to ensure complete and accurate data is transferred to create a reliable digital archive. The process is paramount to regulated industries that rely on accurate and verifiable records.
Why does Data Reconciliation Matter?
Don’t be fooled. Data reconciliation isn’t just a tick-box on a compliance list. It’s a fundamental requirement for maintaining accurate and reliable data across systems and archives.
- Anomaly Detection: Data reconciliation spots anomalies and irregularities in your data.
- Fraud Prevention: Data reconciliation detects fraudulent activities by identifying inconsistencies in transaction records.
- Regulatory Compliance: Data reconciliation can help your data to meet industry-specific standards.
- Streamlined Operations: Data reconciliation assists smooth operations with data you can trust.
- Improved Data Quality: Data reconciliation upgrades the quality of your data by consistently verifying and validating its accuracy.
- Informed Decision-Making: Data reconciliation ensures you base data-driven decisions on complete and accurate data records.
We believe the service that excels at data reconciliation is CC1 powered by Custodia. Read on to find out why.
Near-Real-Time Reconciliation
CC1 stands out by conducting near-real-time data reconciliation. This means captured data is checked almost immediately rather than at the predetermined intervals of some solutions (often every 24 hours). CC1’s proactive approach enables you to address discrepancies quickly, minimizing disruptions and potential data loss. Additionally, near-real-time monitoring allows continuous behavior analysis, facilitating early anomaly detection.
Media and Metadata Reconciliation
When capturing communications, such as UCaaS platform MS Teams, CC1 does more than check if a call has been recorded. It ensures that every call is accurately recorded and matched to the correct user and device. This level of detail and validation extends to reconciling calls with other data sources, such as CRM and HR systems. Unlike other services that reconcile calls in isolation, CC1 delivers a holistic approach, eliminating false positives and ensuring the validity of the data.
Streamlining the Process
CC1 provides a unified assurance layer for an organization’s compliance estate. This standardized method streamlines governance and compliance, eliminating the need for multiple reconciliation procedures for different systems. Whether you use legacy systems, cloud-based technology, or both, CC1 reconciles data efficiently in near-real-time.
CC1’s reconciliation process offers more than just the data accuracy demanded by regulatory obligations. The service provides a trustworthy archive of clean and verified data for governance purposes that also delivers the potential for intense data analytics, artificial intelligence (AI), and machine learning (ML) via third-party platforms, turning previously underutilized “dark data” into a business enablement tool!
CC1 gives you a regulated digital data archive you can trust, follow the link to learn more ➡ Assure – Custodia: Compliance Management Made Simple
