Trillium Software, a business of Harte-Hanks (NYSE:HHS) and a leading enabler of Total Data Quality solutions, today delivered its Data Intelligence & Governance (DIG) solution specifically for the financial services and insurance industries and compliance market.
The solution is a combination of powerful data analysis, data quality and reporting software technology - based on the industry-leading Trillium Software System - with very targeted, packaged financial and governance consulting services provided by Trillium Software. The DIG solution is aimed at helping banking and loan institutions, investment organisations and insurance companies validate information data, enabling executives, business users and data stewards to help achieve more efficient, auditable processes for governance, risk mitigation and compliance (GRC) assurance.
"In light of recent problems in the financial services industry, it is critical for lending and investment institutions to better understand how information and data quality impacts their businesses, especially since they may be required to provide increasing levels of visibility and clarity about their data management and business processes," said Philip Howard, research director at Bloor Research. "These organisations will continue to strive to deliver trusted data to their constituencies, and should consider turning to organisations such as Trillium Software for expertise and knowledge of how data quality can improve their business processes around credit risk assessment and governance."
Data problems such as missing or inaccurate data, faulty information, multiple or siloed loan systems, and audit failures or process breakdowns can lead to risk exposure and governance decay. DIG provides a set of services and software focused on financial data and risk management that enables business users, risk managers, data stewards and information technology professionals to better understand and derive contextual data quality, or "data intelligence," from multiple data sources and databases. In this way, the solution includes built-in intelligence for and about the financial services industry to improve data validation, rules compliance, and business processes germane to the to the financial and insurance industries. It creates a collaborative technology framework with tools such as electronic scorecards, reports, and graphs for enabling data transparency and provably correct processes for critical data management and governance goals - mitigating credit or business risks and improving data reporting.
"Banks and lending institutions face the challenge of regaining stability and proving that the data supporting their risk positions is correct and accurate, thereby reducing uncertainty in their lending risk assessments and processes," said John Nicoli, managing director at Trillium Software. "By utilising our DIG solution with its built-in data intelligence, these organisations can achieve transparent, provably correct validation methods in order to promote compliance with government and legislation requirements and re-establish trust in the data that these organisations rely on for their business goals."