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How BIG DATA can assist in financial compliance processes

17 JAN 2020

17 JAN. 2020 / por Marketing

What is BIG DATA?

BIG DATA is a concept of which primary function is to process and optimize large volumes of structured and unstructured data. It is produced daily on various platforms and devices such as Facebook, Google, GPS mobile signals, digital photos and videos, purchase transaction records, media, among others.

According to a survey conducted by IBM, a reputable technology company, 2.5 billion bytes of data originate every day, 90% of which produced in the last two years.

Aware of this large volume of available data, institutions are looking for solutions to optimize various areas within their operations, and one particularly gaining significant importance is compliance.

In the financial area, we know that compliance processes are linked to control, risk management, fraud, and 360º analysis of the customer, supplier, partner, among others, which means that aligning it with BIG DATA is a recipe for success. It involves collecting, analyzing, and structuring the most relevant information, making the service more agile and assertive.

Here are some practices that you can implement in this environment through BIG DATA:


Through specialized software platforms, the data from various sources such as public websites, official journals, social networks, applications, email, browser, face recognition, social networks, among others, will be captured and structured. 

Be aware that managing unnecessary information can be extremely time-consuming; therefore, your company needs to choose an effective method, mainly considering an understanding and segmentation of the business needs, as this is often a critical step in compliance processes.

Storage and control

After collecting the data, we must pay attention to how it will be stored and processed. After all, it is imperative to have easy access to them if you are looking for precision and efficiency.

Whatsmore, through the use of specific platforms, you can separate information into different layers and filters. For example, any confidential information that requires protection can be placed within a particular field. Then the manager can even set a password so that only he has access.

Data analysis

As the above solutions have already ensured that the data arrive organized and structured, the analysis´ phase tends not to be so complicated and exhaustive. After all, analysts will have access to information from previously filtered and clustered sources of interest, facilitating the workflow within the compliance process, also enabling a more focused and quality approach.

How can financial means benefit from mass data collection?

Finance can use BIG DATA tools to speed up the investigation process and find out if there are any conflicts of interest involving suppliers, partners and customers, and risks of financial fraud such as money laundering, embezzlement, illicit enrichment, and tax evasion.

The reduction in working time is another important point because by obtaining a large mass of data already structured, the compliance analyst will be able to devote more time to critical analysis and optimize the risk decision-making process.

As technology evolves at speed, it´s always smart to be informed about new solutions and possibilities for your business. Nowadays, there are hundreds of reliable options that can be tried with no need for huge investments and further infrastructure. 

upLexis is one of these providers available in the market since 2008, helping large companies to become more analysis-effective thanks to its platform that automates the background check processes, searching and organizing BIG DATA at speed.

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