What is Automated Redaction? How Finance Companies Can Save Time And Money by Using Them

What is Automated Redaction? How Finance Companies Can Save Time And Money by Using Them

Automated Redaction is the process of removing Personally identifiable information (PII) from a document. This can be done manually, but it is time-consuming and often not 100% accurate. Automated redaction software can quickly and accurately remove PII from a document, saving time and money.

Every day, businesses handle sensitive, personal information like social security numbers and addresses. It’s important for companies to protect this data from thieves and unauthorized access, but it can be difficult to keep track of every document that contains private information. That’s where automated redaction comes in.

Automated redaction is a process by which software automatically finds and redacts sensitive information from documents. This can save companies time and money while ensuring that customer data is kept safe.

Automated Redaction

Personally identifiable information (PII) and personal health information (PHI) are details that can identify an individual. They’re used regularly for conducting business processes in healthcare, insurance, finance, law, etc. – nearly every industry that involves commercial transactions with consumers on a daily basis.

When a customer provides personal information to a company, they trust that the organization will keep it safe from exposure, theft, or misuse. Companies are legally required to protect this information and can face penalties if they fail to do so.

When documents are transferred to other parties, redaction is the most popular technique for concealing critical data. Humans can manage a limited number of papers at once, but as the amount rises, businesses must choose between scaling review teams — which might be costly, time-consuming, and require much management — or automating more of the process. Automated redaction technology, on the other hand, may work quickly and effectively.

What is Automated Redaction?

Automated redaction is the process of using software to automatically find and redact sensitive information from documents. This can be done with a variety of document types, including images, text files, PDFs, and more.

There are several benefits to using automated redaction:

  • It’s more accurate than manual redaction (which is prone to human error)
  • It’s more consistent (human reviewers may have different interpretations of what needs to be redacted)
  • It’s faster than manual redaction, which can save businesses time and money

How Automated Redaction Saves You Time And Money

One of the biggest benefits of automated redaction is that it can save businesses time and money.

Speedy Processing

Manual redaction is a time-consuming process, especially if a business needs to redact a large number of documents. Automated redaction can speed up this process by quickly identifying and redacting sensitive information. In addition, automating redaction can free up employees to focus on other tasks.

Greater Accuracy

Manually conducted processes are prone to human error. Of course, employees may overlook a piece of vital information and fail to censor it, but there’s also the danger of drawing a box that isn’t big enough to cover the whole world, allowing bad actors to gain access to the rest of the material. Users can utilize automated redaction platforms that automatically identify and delete any cases of sensitive data. AI-powered tools can even detect variants of sensitive data like text with misspelled words or abbreviations.

Reduce Workforce

And, lastly, automated redaction not only decreases the number of resources an organization needs, but it also helps organizations keep up with demands for securely processing documents. This is done by minimizing the need to overwork their employees or hire additional help from third-party vendors. While outsourcing might be easier in some ways, it can also present legal difficulties, depending on how sensitive the information is that needs to be redacted. Another obstacle automated redaction bypasses is when unredacted data cross into another jurisdiction; if a company hired a team in another country, they would have additional obligations.

How Does Automated Redaction Work?

Automated redaction software uses artificial intelligence and machine learning algorithms to “read” documents and identify sensitive information. Once the software has identified what needs to be redacted, it can automatically mark the text or images for removal.

Some automated redaction tools also allow businesses to create “redaction rules” that can be applied to future documents. For example, a business might create a rule that automatically redacts all social security numbers from documents. This can save time and ensure that all private information is properly protected.

Automated redaction is a powerful tool that can help businesses protect customer data while saving time and money. Implementing automated redaction requires organizations to face the limits of what software can do, but the benefits outweigh the challenges. Redacting documents manually is time-consuming, prone to human error, and can be costly. Automated redaction, on the other hand, is more accurate, consistent, and efficient. When it comes to protecting customer data, automated redaction is the best solution.

What challenges does automated redaction present for organizations?

There are a few challenges that organizations face when implementing automated redaction:

  • Determining what information needs to be redacted: Organizations need to identify what types of information are considered sensitive before they can automate the redaction process. This can be a difficult task, as different businesses have different standards for what needs to be protected.
  • Ensuring that all sensitive information is redacted: Even with automated redaction, there’s always a chance that some sensitive information will slip through the cracks. Organizations need to have systems in place to ensure that all private data is properly protected.
  • The cost of automated redaction software: Automated redaction software can be expensive, and businesses need to weigh the cost of the software against the benefits it provides.

Despite the challenges, automated redaction is the best solution for protecting customer data. By automating the redaction process, businesses can save time and money while ensuring that all private information is properly protected. Automated redaction is a powerful tool that every organization should consider using.

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