Overview
A large financial institution is facing challenges with the long-term storage of historical transaction data, a critical requirement for regulatory compliance. Maintaining on-premise storage is becoming increasingly costly and inefficient, and securely archiving and retrieving data for audits and regulatory reporting is proving difficult. The existing system leads to delays in accessing archived data, impacting compliance inquiries and operational efficiency.
To overcome these challenges, the institution can leverage Coreium Edge platform to build a scalable, compliance-ready Data Archival System. This solution enables efficient storage, management, and retrieval of historical financial data while ensuring security, cost-effectiveness, and regulatory adherence. By implementing this, the institution can streamline data access, enhance compliance readiness, and significantly reduce storage costs, all while maintaining high levels of data security and operational efficiency.
the Challenge
- On-premise storage is expensive and difficult to scale.
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Regulatory requirements demand long-term data retention with strict
security policies. - Retrieving archived data for audits or analysis is slow and inefficient.
the Solution
Implementing A
Secure & Scalable
Data Archival System
The Data Archival Solution from Coreium Edge will provide a structured, long-term storage system that optimizes how historical transaction data is archived and accessed. The solution introduces automated archival policies, ensuring that aged transaction records are systematically transferred to a secure, compliant archival system without manual intervention.
To balance cost-efficiency and data security, the institution can be given the flexibility to choose between a cloud-based or on-premise storage model, ensuring that compliance and performance needs are met. The introduction of a high-speed query and retrieval system enabled compliance teams to quickly access and analyze archived data, shall significantly reduce the time required to generate reports and respond to audits.
By implementing robust encryption protocols and role-based access controls, this solution shall ensure that archived data remained secure, tamper-proof, and fully compliant with regulatory standards. This future-ready archival solution not only addressed immediate compliance needs but also lays the groundwork for scalable data management, allowing the institution to expand its archival storage effortlessly as data volumes grew.
Key Benefits
- Lower Storage Costs: Move infrequently accessed data to cost-effective storage.
- Regulatory Compliance: Secure and structured archival with built-in audit trails.
- Faster Data Retrieval: Access historical data instantly for reporting or analysis.
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Greater agility, allowing the bank to rapidly introduce new financial products without
core banking modifications.
conclusion
With Coreium Edge’s Data Archival Solution, the institution can eliminate the inefficiencies of traditional data storage, cutting infrastructure costs while maintaining the highest levels of security and compliance. The ability to instantly retrieve archived records streamlined compliance reporting, enhances operational agility, and reduced audit response times. By transitioning to a structured and automated data archival system, the institution will be well-prepared for future regulatory demands, ensuring seamless and efficient long-term data management.