A North American financial services company that provides investment and banking services to academic, research, and government industries. The organization has more than 15,000 employees and $1T in assets under management.
A North American Financial Services Leader Chooses the Nyxeia / Simflofy Solution to Improve Records Management, Compliance Tools, and Processes
The challenge was to improve records management, compliance tools and processes to better meet evolving regulatory compliance requirements. The organization was seeking a new, unified, and universal software solution that would provide the capability to manage all kinds of content across its lifecycle and provide visibility into sensitive information that may be inadvertently stored improperly.
The Nyxeia / Simflofy solution stood out based on its fundamentally different approach to records management, which is to manage content across the organization, wherever it is located, with a “manage in-place” method. This federated records management system is a much better and more logical fit for the organization than the usual “collect and centralize” approach to records management. This placed unrealistic expectations on users and business units to “funnel” their work processes and content artifacts through a single, monolithic enterprise content management (ECM) / records management (RM) system.
This basic system combined with artificial intelligence (AI) capabilities and an end-to-end approach to managing content across its entire lifecycle from creation to destruction is what attracted the organization to Nyxeia and Simflofy.
The Nyxeia / Simflofy solution has the ability to integrate directly with multiple data sources using a proven connector architecture and manage the information where it is being created versus requiring it to be managed in a separate location.
The organization is already seeing how the solution will immediately improve its compliance with regulatory requirements like the California Consumer Privacy Act (CCPA), General Data Protection Regulation (GDPR), and NY Department of Financial Services (NYDFS) helping it to avoid potential fines. Recent GDPR fines affecting companies like Marriott and British Airways have already amounted to hundreds of millions of dollars, and resulted in significant brand damage. Assurance that the organization is managing sensitive information securely is mitigation for a potentially massive risk.
The single most impressive thing has been Nyxeia and Simflofy’s commitment to helping the organization work through the challenges associated with changing the way it manages records today. The combined team has provided the training and coaching the organization needs, as well as assistance with the organizational change strategy required to implement a system that changes fundamental business processes.
The organization is expanding its use of the product to the entire company across all geographies and divisions. In addition to using Nyxeia and Simflofy to find and manage personal information and manage records, the organization is leveraging its AI and tagging capabilities to help surface information assets for use in knowledge management.
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