Regulated industries need their data captured, validated, and archived to meet regulatory obligations, 24/7/365. It is non-negotiable. Missed data can lead to significant fines and intensified on-going attention from regulators.
This is particularly true in finance.
The cumulative fines for compliance violations relating to record-keeping continue to grow, as regulators increase their scrutiny – a fact that can be compounded by the loss of trust organizations may suffer when facing public sanctions and increased pressure on compliance teams.
How can you protect your bank?
Take all necessary steps to meet regulatory obligations, including the mandatory capture of regulated data.
It is why our flagship service, Compliance Cloud One (CC1), offers an impressive Five-Nines (99.999%) data capture uptime, meeting the gold standard for system reliability.
What does this mean in real terms?
Understanding Uptime Metrics
The basics first: “Uptime” measures the time a system is operational and available to users, expressed as a percentage of total time:
- Three-Nines (99.9%) Uptime: Approximately 8.76 hours of theoretical downtime per year.
- Four-Nines (99.99%) Uptime: Approximately 52.56 minutes of theoretical downtime per year.
- Five-Nines (99.999%) Uptime: Approximately 5.26 minutes of theoretical downtime per year.
While these differences may seem minor, the impact on business operations of additional minutes of potential downtime, especially in regulated industries, can be the difference between compliance and official sanction for record-keeping violations.
Why Five-Nines Matters
For industries dealing with sensitive and regulated data, such as finance, the stakes are incredibly high. Downtime can lead to significant compliance risks and the potential of reputational damage and increased compliance pressure following official sanctions.
This is why Five-Nines matters:
Regulatory Compliance: Financial institutions must comply with regulations like MiFID and SEC, requiring the capture of all regulated data. Five-Nines capture uptime ensures uninterrupted data collection, reducing the risk of missed data that could lead to regulatory breaches, fines, and reputational harm.
Business Continuity: Real-time compliance operations depend on the accurate recording of every action without interruption. Downtime during crucial trading windows can disrupt these operations, leading to potential data breaches and sanctions. Five-Nines uptime minimizes these risks by delivering near-constant data capture, allowing compliance activities to proceed smoothly, ensuring business continuity.
Five-Nines data capture gives highly regulated industries the security they need to operate with confidence, safe in the knowledge that steps have been taken to mitigate the risks of non-compliance.
To Sum Up
In regulated industries, the difference between Three-Nines, Four-Nines, and Five-Nines uptime is more than statistics; it’s about trust, compliance, and protecting the organization.
Our CC1 service, that offers Five-Nines capture uptime, exceeds industry standards, ensuring regulated organizations can operate with confidence. Embracing the gold standard of service reliability underscores our commitment to providing the tools that transform regulated data capture, validation, and archiving into a seamless and efficient process, providing exceptional reliability.
Contact us today to find out more about the Fine-Nines capability of CC1
