Data management can present serious risks to FATCA compliance such as inaccuracies, errors susceptibility due to extra time consumption, thus making diligent management of information key for financial institutions, according to Hitec Laboratories.
Compliance and best practice, including data integrity, are a must for banks and financial institutions, as it is connected with gaining the investors’ trust, according to the provider of Enterprise Content Management (ECM) and governance, risk and compliance software solutions.
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According to Hitech, its DataStoreDSX Solution simplifies data management processes and is designed to automatically capture all forms of data in one repository, from where a single search can provide all necessary information related to the client.
CEO of Hitec, Jeremy Crame, said: "We are being continually approached by financial institutions asking for advice and support with their data management issues. Driven by tightening regulations and standards, these firms are implementing DataStoreDSX to ensure their governance, risk and compliance needs are met to demonstrate best practice.
"In an increasingly demanding regulatory environment, they need a solution that meets their legal and compliance requirements. Our Customers agree that DataStoreDSX helps them adhere to FATCA by enabling instant retrieval and delivery of that data in an accurate and comprehensive format."
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