How to strengthen security and compliance with intelligent document processing
May 09, 2019 by Jessica Munday
Data has been coined as the new oil during recent years — and just like oil, it’s essential to keep this unrefined, valuable material safe. Intelligent automation (IA) can help keep your enterprise’s sensitive data under tight lock-and-key.
The impacts of data breaches hit the U.S. harder than any other country with average customer losses hitting an all-time high in 2021 at $4.24 million per company. When companies fail to keep data safe, they lose customers, revenue, and public trust.
Nearly every large enterprise manages sensitive data, regardless of the industry. When it comes to properly handling this data, businesses must protect themselves from security threats as well as comply with regulatory protocols.
Intelligent automation further ensures data security and compliance through automating many of the manual tasks that are part of security and compliance processes.
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What is intelligent document processing (IDP)?
Intelligent document processing (IDP) has emerged as a crucial element within the wider automation landscape. IDP technology was born out of the need for organizations to accurately extract data from documents. In essence, IDP leverages artificial intelligence (AI) and natural language processing (NLP) to effectively handle and oversee document-centric business processes.
Through the adoption of IDP, banking institutions, governments or any industry adhering to strict ESG reporting regulations can optimize heritage processes involving a large volume of documents to reduce manual effort, enhance precision, and reach their digital transformation goals.
A notable advantage of IDP is its seamless integration capability with other automation tools like robotic process automation (RPA). This compatibility with existing technologies enables companies to enhance their current automation strategies, leading to improved overall efficiency and expanded operational scope.
Security automation can increase the safety of your enterprise’s confidential data by preventing data breaches.
Some of the most sensitive data gets routed through complex processes, which can pose a high security risk. Intelligent process automation solutions perform tasks within your security applications that typically are performed by a human; minimizing human handling and viewing of your sensitive user, customer, or client data. IA cloud solutions add security through user authentication that only allows verified users to see sensitive data.
IA also reduces the potential for human error — which in this field can be enormous. As many as 43% of employees have acknowledged making mistakes at work that compromised cybersecurity. IPA has much more precise and accurate data handling capabilities, making enterprise data much safer in the face of error-prone tasks.
For your most important security needs, consider backend or server process automation. Data processed in the backend is isolated, centralized and in a highly controlled environment ensuring your data, your processes, and your business are protected.
In the case of a potential threat, automation leads to faster response times, better predictions and analyses of potential threats and more accurate predictions with machine learning technology.
Intelligent document processing for compliance
Government regulations place heavy burdens on industries to meet legal guidelines and government agencies themselves have complex regulatory mandates as well. Automation can ensure your organization, whether it be public, private or for-profit, is complying with all regulations without pulling your human workers away from other tasks.
Intelligent automation does this in a few ways:
- Generates audit trails for changes made during product development or with legal documentation.
- Ensures that role-based access measures are met by allowing limited access to certain data to authorized groups.
- Creates documentation about how a company or machine made a decision.
These are tasks typically performed by a compliance officer. When handled by an automation system, these tasks are done more efficiently and with higher accuracy than when performed by a human.
Let’s use mortgage lending as an example. Banks must ensure that bankers are not discriminating against applicants but also must reduce their loan risk. IPA can create an audit trail of events that happened with a customer’s loan application, ensure that only authorized users can access that person’s sensitive data and create a document that shows how the bank came to its non-discriminatory decision approving or denying the loan.
The mortgage industry and other financial services are already reacting and preparing for the use of AI with nearly half expecting to use the technology for fraud prevention within the next three years.
Security and compliance in AI is paramount to its implementation and use in your organization.
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Learn how we helped Markerstudy reduce its claims processing time by 40%. Additionally, learn how we reduced total claim processing time by 80% for another multinational insurance partner — cutting down manual tasks from 10 minutes to just two minutes per claim.
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