5 Keys to Compliance: The Financial Services Regulatory Data Imperative
Transcript of 5 Keys to Compliance: The Financial Services Regulatory Data Imperative
5 Keys to Compliance The Financial Services Regulatory Data Imperative
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BCBS 239, CCAR, Dodd-Frank & Solvency II
Requirements for transparency of data, systems, policies, processes, and
documentation are more stringent than ever
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all to manage risk, financial, capital and regulatory reporting and analysis
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• Transparent data processes • Hardened infrastructure • Existence of integrated data
Organizations Must DEMONSTRATE:
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Definition of Data
Documentation of Data Lineage
Management of Data Changes
5 KEY Requirements for Success
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Strong data governance to exhibit planning, processes and oversight
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Definition of Data
Documentation of Data Lineage
Management of Data Changes #1
• Management of Data Changes
• Documentation of Data Lineage
• Definition of Data
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Data quality and integrity that satisfies correct, accurate data is supplied
#2
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• Ensure data is fit for intended use
• Establish ongoing process, metrics and targets
• Aggregate risk and reporting to show accurate, reliable data quality process
• Contend with legacy silos and systems to ensure consistency and transparency
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Data models and analytics that ensure information is tied together properly
#3
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• What the data models are
• How data elements are defined
• How the flow of data is controlled
• How data is managed and used
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#4
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Data lineage to prove where and how data is created and touched throughout its lifecycle
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#4
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DATA LINEAGE
Improve IT infrastructure so that more frequent data are available for certain risk areas (credit risk and liquidity risk)
Process infrastructure improvements to reduce reliance on manual workarounds and automate aggregations
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#4
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Ensure integrated data taxonomies and dictionaries
Simplify current IT architecture and data flows to streamline the aggregation process and enable quick aggregation of risk data
Identify and define “data owners” to improve accountability
DATA LINEAGE
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#5
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Alignment of new internal andconsultant resources to manage compliance of data requirements
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• Compliance of data storage, flow,analytics and governance
• Identification and oversight of riskgaps within financials andoperations
• Demonstration of remediationstrategies
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• Reduce potential penalties
• Reuse processes for other regulations
• Boost consumer confidence
• Free up audit preparation funding to pursue new innovation, products and services
• Increase shareholder, investor value
The BENEFITS of
COMPLIANCE
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Read the full report: “Financial Services Regulatory Data Imperative: Framing the Data Management Requirements”
Or visitTeradata.com/financialservices
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There’s more to the story
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