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Effective management of data has become a major corporate priority, not just an IT responsibility. Driving this change are the growing risks posed by cyber crime as well the need to comply with new, more rigorous data regulations (like the EU's General Data Protection Regulation, or GDPR). Businesses that neglect to protect and govern their data run significant risks: regulatory penalties, brand degradation, customer churn, negative financial impact, and loss of market share.
How can your organization comply with data-privacy laws and still perform effective data analytics, including analysis of historical data? Ventiv's Data Governance module makes it possible to meet enterprise priorities while remaining compliant with ever more stringent data-privacy laws.
Even if there were no GDPR or other data-privacy laws, it's a good data-management practice to anonymize records once they're no longer being actively managed. Ventiv anonymizes records—removing all personally identifiable data—while preserving other key elements of the record. This preserves only the necessary, anonymous historical information for future reporting and analysis.
With this option, organizations using Ventiv's software solutions can set a defined retention period for the personally identifiable data contained in their records. For example, for a claim, clients can establish rules by which data is anonymized or deleted a given number of months after a claim is closed.
Another option for clients is the deletion of records. If a client wants to delete any record containing personally identifiable information, they can choose to permanently delete the record—in which case it is removed completely from Ventiv’s applications.
In some situations, your enterprise may hold the personally identifiable data of someone who objects to your company possessing that data. In this case, Ventiv clients can lock records so that no data processing of those records will take place. Locked data is hidden from all users (except the administrator) and does not appear in any reports generated.
The General Data Protection Regulation (GDPR) will significantly change how both EU-based companies and companies doing business in the EU handle their data. Learn more about: