Subscribe by email
Collecting data and preparing reports for an auditor can seem burdensome and confusing. With so many regulations in place, the paperwork never seems to end.
But the regulatory process is actually good for your business. After all, regulations were put in place by industry groups and government agencies to protect the public and shareholder interests. Those protections have benefits for your organization:
• The public, aka your customers, will trust you to continually guard their confidential and financial information. These relationships are the heart and soul of your business.
• A compliance system reduces your risk. It protects you from the people who can access your sensitive information and operations in the course of doing business every day—your employees, consultants and partners.
• It safeguards your reputation by preventing security breaches that play out in the public’s eye.
• The process of meeting reporting requirements can present an opportunity for streamlining disparate business systems for collecting and reporting data.
The ABC’s of Corporate Compliance
You most likely need to comply with multiple regulations, but the good news is that all of them require the same basic data: a complete and accurate trail of user access to confidential information.
With Attachmate Luminet fraud management software, you can do that and much more. It enables you to track all user activity on an application-by-application basis, then store that information in a secure repository, allowing you to analyze and detect violations, and to efficiently generate specific reports for various regulatory bodies. Here are the details.
Observe and Capture Data of User Activity Across an Enterprise Network
Fraudulent behavior typically takes multiple steps and involves several applications. Capturing this data on an enterprise network is tricky. Every large organization has a mix of legacy and new applications and databases. For example, a user might access a sophisticated CRM database to update a user account, then share related information on an intranet via an ancient web-based app. Tracking all user activity in these conditions requires pulling log data (if an application even creates it) from numerous applications; then the data must be correlated with user authentications and behaviors— what a mind-boggling task.
Luminet erases the need to piece together data from multiple applications and databases. It captures data from user activity on an application level in real time, which allows fraud investigators to visually replay user actions, screen-by-screen and keystroke-by-keystroke.
Analyzing Data to Detect Fraud
Luminet stores user-activity data in a secure, digitally signed repository. Its powerful analytics engine lets you search its store of current on recorded activity to identify suspicious behavior based on business rules that you define. When Luminet uncovers potentially fraudulent activity, it generates an alert to warn you to immediately evaluate the behavior.
Generating Reports for Auditors
Two aspects of an audit are guaranteed. First, you won’t know the exact format a report will take until the auditors ask for it. And secondly, you will know auditors will also expect comprehensive, detailed information on how thousands of employees access sensitive customer information.
Since Luminet stores data from user activity on an application basis, you can easily provide auditors with the specific information they need. And, if an auditor asks for a different view into the data, there’s no need to pull more data from disparate application log files. You adjust your business rules and let Luminet’s reporting capabilities generate new charts, graphs, dashboards, and reports.
Creating a Culture of Integrity and Transparency
Instituting a corporate compliance program sends the message that you care about protecting your customers’ personal information. With Luminet fraud software, you can ensure all data stays private and your business realizes the benefits from putting a process in place. Luminet will help you better manage risk of exposing sensitive data; streamline systems and operations; and help compliance personnel be more efficient.
Yes, regulatory compliance takes work. But we believe the pain is mitigated by gain.
