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Foresight from Insights: How to Make Compliance Planning Work

by Alan Ho, Director of Marketing, Asia Pacific, TIBCO Software

Organizations are moving at a rapid pace towards an era of Industry 4.0. IDC projected the Big Data and Analytics (BDA software industry will experience an 11.2% compound annual growth rate (CAGR) in the Asia Pacific excluding Japan, between 2016 to 2021. This coupled with a key focus on Big Data roadmaps by various governments around the region, such as Singapore’s InfoComm Media 2025 masterplan, big data’s important is evident as one of the four core pillars of 3rd platform technologies.

However, with the recent events involving lack of transparency in handling user data and the shift in data privacy regulations, knowing how to manage and audit your data models can no longer take a back seat when planning your BDA roadmap.

The urgency of governance

What drives further urgency in addressing compliance issues? According to SWIFT’s survey of 915 top ranked enterprises in Asia Pacific, the primary motivation was to avoid fines and penalties, followed by reputation protection and finally, improving data and information security. Having these motivators as an end goal is all good in the long run, but it doesn’t tell you how and what to prepare for a long-term strategy. And in the case of compliance planning, being over prepared is better.

Take the recent General Data Protection Regulation (GDPR) enforcement, Ernst & Young found that a mere 12% of firms in Asia Pacific have a GDPR compliance plan. When the data protection reform was first coined in 2012 and positioned as a plan to make “Europe fit for the digital age,” but when it finally came to pass in May, any organization with an established relationship within the EU (goods or services) are bound by the GDPR requirements.

In short, if you are a global player with any activity (by affiliation or through customers) on European grounds, you are responsible for data governance and protection.

Smarter, faster, easier analysis = easier compliance

The importance of data protection in the future points us towards a framework of taking data compliance and protection in the early stages of product and technology development and adoption. So how does smarter, faster and easier analysis contribute to easier compliance adherence? And how exactly does that keep you in the forefront of digital transformation?

For organizations in industries with stringent and ever-changing industry regulations, compliance is regarded as a priority due to the sensitivity and depth of information handled regularly. From banks to medical facilities, consumer protection and transparency can be ensured in several ways such as data traceability and increased transparency through shared best practices.

Data Traceability

TIBCO Spotfire® puts in the hands of business users the ability to combine any number of disparate data sources and wrangle it to find desired outputs. Spotfire® keeps track of all calculation steps, such that they are always traceable and, more importantly, repeatable. Creating a report in a visual environment, results can include not just required data but metrics of data quality.

Download TIBCO Spotfire Trial here

Shared Best Practices and Increased Transparency

Spotfire reports and dashboards can be shared over intranet or extranet. A single reporting dashboard can be customized with data sources limited to its relevant users. Your customers can share a view where the value of their holdings are updated while your business analysts can share dashboards that encompass best practices in any field, from assessing customer creditworthiness to investigating transactions or viewing economic capital requirements. And if the CEO logs in, he can get a view on the fully aggregated international position from the same dashboard.

Real-time, Real Results

To further illustrate how analytical technologies can help to make compliance planning and decision making easier, take this example of a leader in medical devices, who provides technologies that revolutionize whole blood and hemostasis testing. Even as the company is set up with its rich data pools and R&D expertise, to test data from millions of sensor performance records and provide one-off analyses often took too long and lacked consistency. The company needed a platform where fast access to data was inherent, and multiple data points can be intelligently monitored to test, troubleshoot and alert to emerging issues.

With TIBCO Statistica™, the company was able to build a wide range of analytic processes that R&D can use enterprise-wide. Now whenever business stakeholders need answers, they can run preconfigured analyses from the central store. They don’t have to ask IT, creating a much faster workflow to get to specific results.

Download TIBCO Statistica™ trial here 

One of the key features that may seem like a no-brainer but proves to be as important as it is easy to set up is the proactive notification via emails to the business owners. With the platform in place, the system automatically emails the appropriate people or logs the violations to a database.

This method of real-time monitoring brings immediate benefits and reassurance to tasks owners and is further enhanced by including validation and escalation protocols within the platform itself.

“The Statistica platform helps us perform validations required by the FDA. We can easily demonstrate that two product batches made using different chemicals are statistically the same. We’re also required to have established escalation procedures based on statistical evaluation of our data. If we did not have the platform, implementing those procedures would have required custom coding.”

Best of all, reusable templates can be easily deployed, monitored, and controlled in production to help business users continuously collaborate with data scientists, and to jointly understand complex business issues and analytic approaches.

Embracing change and challenges

For better or worse, compliance and data governance requirements will only get more stringent as data collection becomes broader, smarter and more detailed than ever before. It doesn’t matter if you’re a data scientist, a business owner or both, taking a proactive approach to empower a broader business audience with advanced analytics and maintaining a transparent and centrally governed workflow between these functional partners may well be the deciding factor to your future success