Data Management
- A major observation on the current regulatory reporting frameworks across most financial institutions is the issue of fragmented data sourcing, processes and technologies. (Accenture)
- With regulations and reputational concerns pushing compliance leaders to the top levels of management, organizations should begin by taking stock of where they are and where they need to go, keeping the current landscape and regulations at the forefront of data strategy. Data governance is about not only maximizing the value of data for operational effectiveness, decision-making, and regulatory requirements, but also minimizing the risks associated with poor data management. (Deloitte)
Are you managing data in a tactical way? Is your data streamlined or is it coming from disparate sources and systems? In today’s complex and fragmented regulatory space, you need to treat data as an asset, and standardizing regulatory data is imperative. You want the power of a single integration and a central repository of data to improve the quality of data and create more consistency. The consolidation of data will allow your firm to be more efficient so you can derive more value from your data.
CSS can help you:
Improve the quality and accuracy of regulatory data to create more consistency.
Create a central repository of data. A Regulatory Book of Record (RBOR) can help build more comprehensive links between your data to provide greater controls, share with regulators, develop predictive analytics and reduce manual aggregation.
Increase knowledge of compliance rules to be more efficient and derive more value from your data.
How a peer managed their data more effectively:
A global tier 1 asset manager built an in-house response to PRIIPs and MiFID II with respect to the production of EPTs (European PRIIPs Templates) and EMTs (European MiFID II Templates) to support their fund distribution channels subject to both regulations. This required a mix of 10 different data sources, both internal and external – with complex requirements. The asset manager chose CSS for deep data management technology and service capabilities through an RBOR (Regulatory Book of Record) to automate and bring together data from multiple disparate sources, while driving high quality data output.