CC1, powered by Custodia, transforms compliance in the age of regulated digital data. CC1 not only captures and ensures data integrity, but it also empowers companies to comply with regulatory requirements, through comprehensive data management, reporting, and analytics.
The evolution of the digital era brings with it new mandatory requirements for capturing countless forms of crucial data. Regulated digital data is governed by complex and specific legal and compliance government frameworks. These require data to be carefully stored, processed, and protected from unnecessary or improper access.
Managed properly, regulated digital data acts as verifiable evidence to regulators of an organisation’s commitment to adhering to industry-specific regulations that ensure transparency, fairness, and integrity in market operations.
Evolving Record Keeping Regulations
Staying compliant with data standards in today’s digital age is complex, but crucial. Modern record keeping regulations require firms to:
- Store communications data: Communications data must be stored for a fixed period of time in a secure environment. Often, companies are required to use immutable, tamper-proof Write-Once, Read-Many (WORM) storage formats.
- Ensure data is retrievable: Business leaders must ensure the data they capture is easily retrievable and searchable, so it can be reported on in a timely fashion. Some regulators have even implemented specific timeframes in which data needs to be retrieved, often referred to as “Trade Reconstruction” request guidelines.
- Timestamp records: For comprehensive auditing purposes, all records collected in a digital environment need to be timestamped, providing an easy-to-follow timeline of interactions.
Safeguarding Digital Data
CC1, empowered by Custodia, enables business leaders to adhere consistently to the strict rules surrounding the capture, management, and reporting of regulated data. It helps business leaders build on crucial record-keeping safeguards, such as:
1. Data Encryption
Businesses are required to deploy extensive encryption methodologies as a critical solution for data protection. Robust encryption transforms sensitive data into a protected format, rendering it virtually impervious to unauthorized access and tampering.
256-Bit AES encryption for regulated data aligns with today’s regulatory obligations, providing an extra layer of security for captured information. The integration of internationally recognised security standards, such as ISO 27001 and SOC 2, amplifies the effectiveness of data encryption efforts.
2. Access Controls
Ensuring only the correct, authorized personnel can access critical data is crucial for regulatory compliance. CC1 grants clients the ability to customize access permissions according to the specific needs of their organizations, and enhances the granularity of security controls.
Extensive access controls enables firms within highly regulated sectors to tailor access privileges according to their operational landscape, ensuring users can only access the essential data required to complete their roles and responsibilities.
3. Specific Retention Policies
The data storage rules businesses must follow to stay compliant with today’s regulatory data capture guidelines can vary according to a range of factors. With CC1, business leaders can adapt retention and deletion policies based on the specific guidelines set by regulators.
Organizations can implement crucial legal hold rules, allowing recordings to be tagged and preserved, when necessary, for auditing, and evidence in legal cases.
4. WORM Storage
As mentioned above, data must be stored in an environment considered safe, secure, and immutable. Adoption safeguards, such as Write One, Read Many (WORM) technology gives companies the opportunity to fortify data integrity and compliance.
CC1 supports WORM storage, ensuring once data is written, it cannot be deleted or altered, providing businesses with an immutable record of transactions and crucial information. Data permanence is mandated by regulations, ensuring a tamper-resistant environment.
5. Compliant Capture Rules
The data business leaders must capture in today’s complex digital environment can vary from one business to the next. CC1 enables companies to implement different recording rules, including manual initiation, scheduled recordings, and rules-based commencement.
This flexibility empowers companies to record specific team communications and employee data based on their unique requirements. This even helps to enable compliance with central bank recording restrictions and guidelines.
6. Resiliency and Availability
Stored data must be accessible for rapid response to auditing and reporting requests. CC1 ensures organizations can implement redundant data recording systems, to ensure resiliency, and high availability, minimizing the risk of service interruptions and data loss.
The solution also supports measures to ensure that digital data can always be recovered in the event of a data loss or system failure, for comprehensive peace of mind.
7. Data Localization
For companies governed by data sovereignty standards, localization is essential. CC1 allows clients to choose the geographic location best suited to their needs when storing data in the Microsoft Azure Cloud. This ensures comprehensive compliance with security and regulatory standards.
What’s more, with the excellent availability of the Azure ecosystem, clients can preserve exceptional compliance and resiliency within their data strategy.