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Top 4 Steps to Mitigate Risk and Ensure data compliance
Top 4 Steps to Mitigate Risk and Ensure data compliance

February 15, 2023

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Data risk and non-compliance refers to the potential harm that can result from the mismanagement or unauthorized use of data, as well as failure to adhere to relevant regulations, laws, and industry standards.

Empower Your Business with Complete Control Over Your Data: Mitigate Risk and Ensure Compliance with a Unified Data Management Platform

Data is an essential part of any organization’s day-to-day operations. It’s a cornerstone of customer service, product development, marketing, and more. But if you don’t have the right tools in place to manage your data properly, it can also lead to significant risk and non-compliance issues. That’s why a unified data management platform is so important for any organization that wants to ensure its data is secure and compliant with industry regulations. In this article, we’ll discuss how you can mitigate data risk & non-compliance in your organization with a unified data management platform, as well as the steps you can take to make sure your data is managed properly.

What is data risk and non-compliance?

Data risk and non-compliance refers to the potential harm that can result from the mismanagement or unauthorized use of data, as well as failure to adhere to relevant regulations, laws, and industry standards.

Data risk can take many forms, including data breaches, theft, unauthorized access, loss of sensitive information, and unauthorized sharing of data. These risks can have significant financial, legal, and reputational consequences for organizations.

Non-compliance, on the other hand, refers to a failure to meet the requirements of data privacy and security regulations, such as the EU’s General Data Protection Regulation (GDPR), the California Consumer Privacy Act (CCPA), or the Health Insurance Portability and Accountability Act (HIPAA) in the US. Organizations that handle sensitive information are often subject to these regulations, and non-compliance can result in significant fines, legal liability, and damage to their reputation.

It is important for organizations to assess and manage their data risk and to ensure compliance with relevant regulations to minimize potential harm and ensure the protection of sensitive information.

The Critical Role of a Unified Data Management Platform

Data is the lifeblood of any organization, and managing it effectively is essential to success. Organizations are increasingly collecting data from a variety of sources, including internal systems, external partners, and customers. This data is often stored in disparate systems, which makes it difficult to access and analyze. A unified data management platform can help you overcome these challenges by providing a single, centralized view of all your organization’s data.

Additionally, as data breaches and cyber-attacks become more sophisticated and common, the need to proactively manage data risk and compliance has never been greater. With a single platform that stores all of your data in one place, you can easily track and monitor access to sensitive information, prevent unauthorized access and ensure that only authorized users have access to the information they need. This enables you to quickly identify and address potential risks and compliance issues before they become problems. Further more, you can more easily identify patterns & trends and use it to improve decision-making, streamline operations, and reduce costs.

Deep Dive into Benefits of Using a Unified Data Management Platform:

  1. Centralized Data Management: By centralizing data management, a unified data platform provides a single source of truth for all data, reducing the risk of inconsistencies and errors that could lead to non-compliance.
  2. Data Governance: The platform typically includes built-in data governance features, such as role-based access control, data retention policies, and data security measures, which help ensure that data is properly protected and used in compliance with relevant regulations and standards.
  3. Data Discovery and Classification: The platform can also help organizations identify sensitive data and classify it based on its level of risk, allowing them to apply appropriate controls and monitor usage to prevent non-compliance — encryption, quarantining, data masking, and access controls.
  4. Data Auditing: The platform can provide auditing and reporting capabilities, which can help organizations detect and respond to any potential non-compliance issues. This can include tracking access to sensitive data, detecting changes to data, and providing an auditable trail of data activities.
  5. Data Compliance: By providing a centralized and controlled environment for managing data, a unified data management platform can help organizations meet various regulatory requirements such as GDPR, HIPAA, and others.
  6. Data Integration: Makes it easier for organizations to integrate their data sources and systems, reducing the risk of data silos and improving data accuracy. The platform also enables organizations to automate data integration processes, reducing manual errors and increasing efficiency.
  7. Better Data Collaboration: Enables organizations to collaborate more effectively by providing a centralized location for data sharing and collaboration. The platform also makes it easier for organizations to share data with external partners and stakeholders, while ensuring data privacy and security.

By understanding how data is being used, organizations can make better decisions about where to allocate resources and how to optimize their processes. In addition, a unified platform can help organizations save time and money by reducing the need for multiple-point solutions.

Steps to Implement a Successful Unified Data Management Platform:

  • Assess your Data Management Needs: The first step in implementing a unified data management platform is to assess your organization’s data management needs and requirements. This will help you to determine the type of platform that is best suited for your organization and the features that you need to implement.
  • Choose the Right Platform: Once you have assessed your data management needs, you should choose a platform that meets your requirements. Consider factors such as cost, scalability, and integration with your existing systems and platforms.
  • Plan your Implementation: Before implementing your unified data management platform, you should plan your implementation process, including the timeline, budget, and resources required. You should also develop a clear strategy for integrating your existing data sources and systems into the platform.
  • Implement the Platform: Once you have planned your implementation, you can begin the process of implementing your unified data management.

Overall, data risk and non-compliance can have a negative impact on an organization if not properly managed. By implementing a unified data management platform, organizations can mitigate these risks while ensuring data accuracy and security compliance. With the right tools, such as a central repository for consolidated information, companies can gain total visibility over their data infrastructure, allowing them to make informed decisions about how to best protect their business from potential threats and ensure regulatory compliance.

 


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