HP Autonomy still has a ways to go to reform its own finances, but financial businesses that need help getting their Dodd-Frank compliance in order can now turn to one of the leaders in information management.
The Obama-endorsed financial reforms known as Dodd-Frank have created a new urgency for companies to make sure their systems can quickly respond to any regulatory requests for both structured and unstructured data.
Five-Year Rule Presents a Compliance Challenge
The official name of the law, which passed in July 2010, is the Dodd-Frank Wall Street Reform and Consumer Protection Act. It is broken down into 16 different Titles. Title VII states companies must maintain records of financial deals for up to five years after they have been completed. That includes emails, texts and voice mails that are not as easily indexed because they are unstructured.
Fortunately, Autonomy's Intelligent Data Operating Layer (IDOL) includes tools like the Consolidated Archive and Information Optimizer to find related information across repositories. Because so many large companies have data stored in many different areas, the Dodd-Frank five-year rule is a compliance challenge of the highest order.
In addition to the requested information having to be kept longer, it also must be turned over immediately — and in a readily accessible fashion. It can be in either digital or paper format, but it is still going to be quite a challenge for firms to sort through their data stores in quick order upon request.
IDOL Consolidated Archive uses a meaning-based framework to help find information faster.
Autonomy's Dodd-Frank Act solution includes:
- IDOL 10 for organizing all data types, whether structured or unstructured
- Consolidated Archive for archiving data to be used in any legal proceedings
- Application Information Optimizer for finding and changing structured RDBMS data into searchable XML files
- Cloud, onsite or hybrid deployments
Autonomy has been integrating IDOL into a number of HP specific and Autonomy solutions lately. It recently announced the ability to now use IDOL to manage information in HP Trim and ControlPoint, as well as integration with VPI to improve its customer experience and workforce optimization solutions.
With recent news that HP is shifting its Autonomy IDOL focus to included structured data analytics, HP is moving the ecosystem into a full information management package. HP CEO Meg Whitman says she has a five year plan to turn the company around, and at least from an Autonomy IDOL standpoint, there's a solid base to work from.