Finally, a compliance solution which offers a Business as Usual approach – Imagine being a Datawatch customer

It is vital for organisations to regulate their fraud investigation processes to ensure they comply with the relevant regulatory bodies. Finding the most cost effective and timely system for doing this is also of great importance. Datawatch offers a significant leverage in its ‘Business as Usual’ alternative. What financial organisations want is not more expensive technology but solutions. If an enterprise doesn’t believe that the data required to comply with fraud imperatives is not already harboured within its existing data base then it would be too far down the road to penury to even consider a solution. Datawatch’s product range of report mining and data transformation editions allows those requiring it to have easier and full access to the information required to comply in a more efficient manner.

These products sit in front of existing systems and therefore extend the value of the information technology investments already made. Even a minimal amount of training provides the ability for the existing team to respond to a much greater number of enquiries and cases. The result is a less expensive solution which is user friendly and which offers practically no disruption to staff and customers. Carina Hoogeveen, of Datawatch states, "We don't sell products but provide solutions. We do this by taking the time to understand the business pain within an organisation and then work with them to provide a full, cost effective answer based on their current IT infrastructure ".

Datawatch helps compliance/fraud investigation officers build on top of their existing applications and integrate their enterprise data and content. They can also conduct collaborative investigations and provide findings in an evidentiary manner. Organisations working with Datawatch find they can integrate all data and related documents into a library of meaningful and accessible information that can be shared by the compliance/fraud investigation team.

The likes of the Basel ll Accord ensures that compliance officers of international financial institutions and corporations are responsible for maintaining the high standards of conduct by all employees. They must do this under the constant scrutiny of senior management, external regulatory bodies, government and the media.

Datawatch helps them comply with these new regulations by providing secure web pages that aggregate comprehensive information on the transaction details, the persons involved, related transactions and background on the accounts involved. The compliance officer can click on all the links on the page to access relevant information from the different repositories or databases that could help solve the problem. Also, these findings could be used to instantly collaborate with those involved in the case.

Compliance officers face the task of solving the following problems:

Integrating data and content from disparate sources while retaining existing systems
Discovering the facts
Inquiring and investigating (knowing "who knew what, where and when?")
Referencing online policies/procedures
Collaborating with supervisors/managers
Workflow automation adherence to procedures
Controlling version history
Enforcing retention-policy

Using the Datawatch technology, key information from databases, reports, documents, images, and email archives are integrated and reconciled into web pages. Datawatch technology organises these pages by subject, and cross-references them so that compliance personnel can effortlessly find the "who, what, when, where, how, and why" behind any event.

The cost of non-compliance for financial service firms today is significant, with fines running into millions; not to mention the costs and embarrassment of fraudulent activity new regulations are intended to combat.

Despite the daunting consequences, most organisations are way behind the curve in implementing technology solutions to ensure compliance. Part of this problem is due to the sheer numbers of information "silos" IT departments must work with. Carina continues, "Saving just one expensive fine probably pays for our solution, better still, we can avert the need for such penalties before they happen".

The end result is proactive combating of potential fraudulent activity, and proactive regulatory compliance, utilising existing enterprise information systems and archives — resulting in a solution costing a fraction of brand new alternative solutions built from scratch.

Datawatch's compliance and fraud investigation solutions can be used for:

Detecting inconsistencies or exceptions
Internal inquiries and investigations
Online reference to policies/procedures
Online collaboration with supervisors/managers
Case compilation for litigation consideration

The business benefits of Datawatch's compliance solutions include:

Complying with the Basel ll Accord, FSA, Sarbanes-Oxely and other regulations at a fraction of the cost and headaches of alternative solutions
Avoiding the fines, financial loss and bad publicity that non-compliance and undetected fraud can create
Automating compliance business processes, minimising user interaction, saving substantial costs, time & effort

Compliance is not rocket science but it is a very focused area of operation. Consider the advantages of a better business process with minimum disruption to internal and external parties. In short consider the Datawatch Business as Usual approach.

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