ELECTRONIC TRANSACTION GOVERNANCE FOR YOUR SERVICES AND MICROSERVICES

Governance--the set of processes and best practices that assure consistent optimal operational results—is too-often overlooked when it comes to exchange of electronic messages in services or microservices. Electronic messages or transactions is any message that is shared electronically via software (e.g. electronic payments, electronic claims, or electonic orders). For companies in the business of handling electronic transactions, getting governance right is critical.

Done right, Electronic Transaction Governance (ETG) is a five-step process that safeguards information and provides assurance for every transaction. Here’s a quick intro:

 

 

STANDARD COMPLIANCE

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Standard Compliance: verification that each electronic transaction conforms to an agreed communication layout, assuring proper handling of all electronic transactions.

DATA QUALITY

 

Data Quality: verification of all the fields to confirm that the data within them correspond to the expected values (e.g. the contract field contains a valid contract number).

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RISK MANAGEMENT

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Risk Management: handling of known electronic transaction risks and immediate alerts for unknown risks in order to minimize the possibility of any lost electronic transactions in the software application or mobile application.

SECURITY MANAGEMENT

 

Security Management: watertight systems and processes for all data repositories, communication channels, and processing agents, allowing access only to credentialed users.

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AUDIT TRAILS

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Audit Trail: accountability and reporting of the complete electronic transaction process, enabling the generation of proper and insightful business analytics on all electronic transaction processes.

Think your ETG processes might fall short? Not even sure whether you need ETG, or where to start looking? Give us a call. We’d be happy to talk it through with you.

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