Retail - Risk and Compliance

Risk and Compliance

Data security risks and the regulations designed to combat them are ever-growing. The risk and compliance landscape is ever-changing, and needs to be addressed in near-real time. Failing to address security concerns in a timely manner can lead to a malware attack or data breach. These outcomes can be a crippling blow to your enterprise—as is failing to adhere to regulatory requirements.

Even if your business already has the right compliance measures in place, these can always be improved with enhanced processes, better monitoring, next-generation analytics, and more in-depth views into risk.

How We Help

Prolifics has worked with many retailers on initiatives supporting risk and compliance such as...

retail case study

Uniform Company Gets Compliant

Prolifics helped a major corporate apparel company meet PCI compliance regulations by creating a PCI Hub solution that interfaces between its internal systems and third-party payment solutions for increased security and future-proofing.

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Prolifics' Capabilities

Emerging Business Models >> 

Successful companies are letting their customers do new things in new ways...

Successful companies are letting their customers do new things in new ways. To be successful, organizations must capture opportunities beyond their traditional business. However, charting new territory can lead to unforeseen risks.

Prolifics can help mitigate these unexpected problems. We assist your risk and compliance team in building auditable, traceable, and manageable controls. At the same time, we develop the models, strategies, and approaches necessary to expose security risks and adapt to new levels of compliance, giving you the confidence to break into unexplored markets and cultivate new growth. To accomplish this, our experts leverage technologies in process re-engineering through automation, rules optimization, API and mobile design, platform improvement via the cloud, identity and access management, data security, systems communications, and threat detection.

Acquisition >> 

When one enterprise acquires another, with it comes new security risks...

When one enterprise acquires another, with it comes new security risks: what is the status of the acquired business’s security landscape? Expansion into unfamiliar industries can bring the opportunity for growth, but if security measures are insufficient, it can lead to malicious attacks or regulatory problems. The acquired organization’s security failings could become your enterprise's responsibility.

Prolifics can help your business identify and act on potential sources of risk in newly acquired businesses. Our experts can guide you in bringing new systems into compliance and extending your existing security solutions to cover fresh additions to your enterprise.

We help businesses identify, locate, and protect sensitive data to alleviate acquisition-related security concerns. Our solutions for identity and access controls aid in the controlled transitioning of employee access processes across legacy and newly acquired applications, spanning both approved and “shadow IT” SaaS solutions.

Data Security >> 

Keeping customer and enterprise data safe from potential breaches is a critical measure...

Keeping customer and enterprise data safe from potential breaches is a critical measure. Consumers trust the companies they purchase from to keep their information safe, and when that trust is violated, so is the company’s lasting reputation.

Enterprises must meet industry regulations and best practices, such as the Payment Card Industry Data Security Standard (PCI-DSS), the General Data Protection Regulation (GDPR), and the US-EU Privacy Shield, as well as the overarching need for thorough encryption and safe communication. However, complying with select regulations doesn’t cover all vectors of attack; retailers must have a roadmap to mitigate all risks, no matter what shape they come in, as well as the ongoing governance and quality of their data.

Prolifics can help your organization ensure it adheres to both your regional regulations and the ones that affect you on the global scale. Our data quality and governance, analytics, and security solutions can help you to identify and protect your most sensitive data.

B2B Supplier Models and New Payment Options >> 

Taking advantage of new supply chain models and new payment methods are crucial...

Taking advantage of new supply chain models and new payment methods are crucial to ensuring successful retailing and guaranteeing customer satisfaction.

With new opportunities come new risks. Making the move to emerging supply chain models that leverage technologies such as blockchain can offer increased visibility and efficiency. They can improve how you do business, but also bring implementation difficulties that must be navigated. While new payment models like bankless payments or cryptocurrencies are increasingly appealing to customers, businesses must understand the risks and compliance issues surrounding them.

To support efficiency in new supplier models and payment options, Prolifics helps to construct and automate business processes and business rules, leverage cloud and API technologies in secured and integrated ways, and mine data to inform process metrics and improvements.

Fraud >> 

Fraud is an ever-present risk that leads to losses at both the physical and digital level...

Fraud is an ever-present risk that leads to losses at both the physical and digital level. Activities like credit card fraud, shoplifting, or fraudulent returns must be pinpointed and foiled. However, the danger extends beyond these classic fraudulent activities; new fraud models include point of sale manipulation, capitalization on a lack of continuous monitoring, or losses that are facilitated by outdated store and stock analytics, and new strategies must be developed to combat them.

Emerging types of fraud can be alleviated by incorporating cameras, sensors, and other technologies that can monitor and correct potentially costly issues. Internet of Things solutions can be used to cut down on payment fraud, employee fraud, and even fraudulent injury claims. An overwhelming amount of this fraud is committed digitally, making your technology strategy a key part of fraud prevention.

Prolifics can help your business target likely areas for fraud and act to prevent it. We offer the analytics and cognitive capabilities you need to get greater insight from your data and day-to-day operations, and can show you how to leverage that insight to stymie fraud attempts. Our experts can help you position the necessary system upgrades, streamline your policies, redesign your processes, ensure data quality, and put the right security measures in place.

Social Identity >> 

Your employees can pose a risk to your enterprise’s reputation with their presences on social media...

Your employees can pose a risk to your enterprise’s reputation with their presences on social media. Businesses need to monitor these vectors to ensure they avoid these reputational hazards—which have been cited by some experts as being one of a company’s largest sources of strategic risk.

Prolifics can help you mitigate social media dangers, including risks to trademarks and copyrights, the loss of important information, false representation, a lack of security and regulatory compliance, and negative customer interaction. We leverage social and Cognitive technologies as well as business rule redesign and optimization to create real-time analytical solutions that produce insight based on factors such as consumer and brand sentiment, employee satisfaction, and more.

Industry-Specific Compliance >>

Though retail may have been subject to less regulation in the past, requirements that are specific...

Though retail may have been subject to less regulation in the past, requirements that are specific to this industry are coming into play in response to mounting digital threats. To thrive in the evolving market, your enterprise needs to understand and react to these factors.

Prolifics helps businesses remediate compliance problems that are particular to your corner of the industry—or the wide range your organization covers. We support you with the data management, rules redesign, process optimization and automation, API, mobile, cognitive analytics, and security services necessary to effectively and efficiently monitor transactions, trace inventory, and collect and protect data across the retailer or supply chain, thereby helping your business maintain compliance.

Technology Makes it Possible

Prolifics' expertise across multiple specialties enables us to create unique, comprehensive solutions for you to reduce risk and comply with regulations. Technologies we typically leverage for Risk and Compliance initiatives include: