1. Market Research

How Data Governance Helps Financial Institutions Achieve Operational Excellence and Satisfy Regulators

  • October 2014
  • 13 pages
  • Frost & Sullivan
Report ID: 2445992


Table of Contents

This Stratecast report will explore some troubling impacts of the failure of financial services organizations to achieve effective data governance; and will provide insights on technologies and business approaches that can help them change their fortunes by harnessing the power of Big Data.

Banks and financial services firms have a Big Data problem.

Financial services companies were early adopters of business intelligence (BI), using BI as far back as the 1970s for risk assessment and customer acquisition. Today, however, financial services companies are facing serious challenges on two fronts:

- Master data management (MDM) – MDM provides a blueprint for how organizations discover, access, integrate, and manage data; how they ensure data integrity; and how they distribute data to where it is needed. All of these support data governance, which, in Stratecast’s Big Data model, is part of MDM. The systems in use at most banks and financial services firms provide inadequate data governance; and these firms suffer as a result.

- Regulatory compliance – A long and growing list of regulators and regulations across world regions are increasing regulatory reporting requirements to the point that financial services companies are having a hard time keeping up.

Harnessing the power of Big Data, and putting it to work for the organization, is crucial in every vertical; and for financial services firms it is especially critical. These companies need to access growing volumes of detailed data across the enterprise, and ensure that the data is accurate. This requires effective data discovery and collection; integration of data from multiple internal/external sources; data aggregation and matching; data integrity, QA, and continuity; and data distribution. Financial institutions also need to submit complete, correct reports to regulators in a timely manner. Transparency and the ability for front-to-back auditing are mandatory. So is agility: the ability to respond to ad hoc requests and changing regulations.

Yet, while the need for complete, accurate data and the requirements for regulatory compliance have changed, the tools that most financial services firms are using have not. Compliance requirements have surpassed current capabilities. Existing reporting processes and systems are inefficient and error-prone. Front office data and reports are typically manually managed by what the financial industry terms end user-developed applications (EUDAs), which are often nothing more than spreadsheets. Back office systems are complex, inflexible, and costly to maintain.

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