Global Companies Unknowingly Increase Data Security Risk
Feb 11, 2009
Patersons HR and Payroll Solutions Says a Growing Number of Global Companies Unknowingly Increase Risk for Data Security and Fraud
- Extra Layers of Protection – External Audits and Inspections – Can Improve Regulatory Compliance-
RALEIGH, N.C. and SALISBURY, U.K. (February 9, 2009) — As global communication becomes ever easier and transferring funds and data becomes even more transparent, the avenues for fraud increase. Any data that is inappropriately used could expose a company to risks of identity fraud or monetary or credit abuse.
Within the human resources arena, there are added risks involving medical, religious belief, trade union and other personnel information that may be used against an individual. Payroll is also fraught with risk since much of the data often includes an employee’s name, address, company details, work numbers and bank account details – all of which can be used inappropriately.
To combat these risks, organizations increasingly rely on technology to provide security for the infrastructure, operation and implementation of their business functions. In addition, the trend toward offshoring also can expose business data to additional risks. Regulations such as the Sarbanes-Oxley (SOX) Act, the U.K. Data Protection Act and EU legislation are in place to protect the technology and provide necessary controls.
“The impact of these data protection acts – and the likelihood that further regulations are imminent – is that compliance will become more stringent over time. Companies can’t afford to be noncompliant with respect to SOX or other regulations,” said Mark Edwards, Global Quality Assurance Manager from Patersons, a leading global HR and payroll software and services business delivering expert solutions to clients in more than 160 countries. “Businesses that are considering new technology to meet these strict data requirements should look for service providers such as Patersons that have independent validation of internal controls and activities.”
Patersons HR and Payroll Solutions, which provides tailor-made SaaS-based solutions that integrate seamlessly with customers’ existing IT investments, engages in regular audits and inspections by external agencies to ensure tight processes of control. The company also learns from other organizations’ security breaches and subsequently increases its protections of CloudPay, the company’s flagship product. With these extra levels of control, Patersons can meet the demands of large or small organizations while providing the assurance of complying with strict corporate governance standards.
In addition, to ensure global compliance and management information, Patersons’ technology is unparalleled in the ease and accuracy of consolidating global pay data. Demographic information, multi-country payroll and accounts payable, third party payments, and stock and benefits information are available in real-time for viewing and reporting by authorized parties via secure internet connection. By centralizing international payroll and HR functions, Patersons takes full responsibility for its clients’ payroll to create an accurate and reliable service that provides effortless implementation and generates powerful management information both for the local company and for consolidation from the corporate global perspective.
About Patersons HR and Payroll
Headquartered in Salisbury, U.K. with offices in the U.S., central Europe and Asia, Patersons HR and Payroll is a leading global HR and payroll software and services business delivering expert solutions to clients in more than 160 countries. The Company’s secure Internet-based software as a service is multi-currency and multi-lingual (covering over 30 languages), features an easy-to-use interface, supports fast implementation times and facilitates integration with existing systems. Patersons HR and Payroll differentiates itself by: one contract, one software solution, one enterprise interface and one cohesive system approach. As a result, Patersons has proved the impossible by being able to run multi-jurisdictional payroll rules for multiple clients on one database and one instance of source code worldwide.
More information and contact details can be accessed at www.patersons.net.
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