Compliance Reporting (Sarbanes-Oxley, HIPAA, HL7, SWIFT, and More)
The need for compliance with government-mandated regulatory guidelines is becoming more prevalent in today's complex business world. Some compliance reporting mandates, such as the Sarbanes-Oxley Act of 2002 affect publicly held companies in virtually all industries while others, such as HIPAA, Health Level 7 (HL7), and SWIFT are targeted toward specific vertical industries including healthcare and financial services. Many companies are now meeting regulatory compliance reporting guidelines through the effective use of business intelligence, integration and analytics software.
A well-designed business intelligence system can aid in meeting compliance reporting guidelines by sharing critical information with all members of an organization who need it in easy-to-use reports and spreadsheets, and by providing a complete audit trail as to how these reports and spreadsheets were generated. Financial reporting in particular, must be accurate and auditable in order to prevent potential compliance violations and lawsuits.
Also important is a data integration infrastructure that accesses a company's native data sources in an efficient and optimal manner so as not to impact operational systems that also rely on these data stores.
For suggestions on how your company or organization can better meet regulatory guidelines through the use of technology, we'd suggest reading our complimentary Expert Series white paper: "Five Ways to Improve Governance and Compliance Using Business Intelligence and Analytics."
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