Regulators have increased their scrutiny on the financial services industry in recent years and have levied fines against banks of all sizes – fines that have reached into the billions of dollars. Because of this, the financial services industry is focusing considerable time and expense on capturing data to meet regulatory requirements in reporting, risk management, and compliance. Gathering, enhancing, and reporting the required data from multiple applications to meet regulatory demands is a significant challenge, and firms often address these data challenges as one-off projects with the objective of complying with a single regulation rather than improving risk management overall. Mergers and acquisitions further complicate these efforts by increasing the number of systems that information needs to be pulled from.
Meanwhile, revenue-generating exercises that could benefit from the availability of better client and market information often go unfunded due to an over-arching focus on regulatory compliance. Rather than structure your data project as a tactical approach to meet regulatory requirements, watch this recorded webinar to learn how your data investment can drive true cost savings, fine avoidance, revenue creation, and competitive advantage. This event delivered: