Promoting Regulatory Compliance, Operational Efficiency, and Innovation with IoT: A Case Study on Coface
Technology Category
- Infrastructure as a Service (IaaS) - Virtual Private Cloud
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Functions
- Product Research & Development
- Quality Assurance
Use Cases
- Leasing Finance Automation
- Regulatory Compliance Monitoring
Services
- Cloud Planning, Design & Implementation Services
About The Customer
Coface is a globally operating credit insurer that offers companies solutions to protect them against the risk of financial default of their clients, both in their domestic and export markets. The company employs over 4,400 people and registered a turnover of $1.56 billion in 2020. As a large, geographically dispersed financial services organization, Coface faces numerous regulatory and compliance challenges. The company is constantly seeking ways to improve operational efficiency and spur business growth by introducing innovative business use cases.
The Challenge
Coface, a global credit insurer, faced a multitude of regulatory and compliance challenges due to its large and geographically dispersed nature. The company aimed to enhance operational efficiency and stimulate business growth by introducing innovative business use cases. However, the primary requirement for dealing with these challenges was the ability to provide comprehensive data in the right context. Integrating this data from various internal and external sources, including on-premises and cloud systems, proved to be excessively complex. The company needed a solution that could simplify this process and make previously inaccessible data easily available, while also ensuring governance, compliance, and data security.
The Solution
Coface decided to leverage the Denodo Platform, powered by data virtualization, to create a virtual data lake. This new virtual data lake offered three main advantages over a physical data lake. Firstly, it reduced development costs as metadata specifications needed to be defined only once and could be reused multiple times. Secondly, it accelerated development as there was no need to learn the technical languages and APIs of the original data sources. Lastly, it increased report and analytical consistency. Additionally, the Denodo Platform enabled the centralization of business rules, ensuring that compliance checks and audits could be completed more quickly and accurately. Shortly after implementing the Denodo Platform, Coface was able to move 25 use cases into production that were being served through the virtual data lake.
Operational Impact
Quantitative Benefit
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