Bridging the Gap: Solving the Challenge of Compliance and Data Governance
Banks are struggling to keep up with the data demands of regulators. New global regulations require Bank Compliance groups to provide greater transparency and dissemination of data including daily reporting, quarterly health checks, and annual stress testing. Banks are working hard to comply with these regulations and to remediate gaps in their data but most have not built the foundation of data governance required to align compliance policies with data governance, ownership and accountability. Frameworks and methodologies for data management and integrated systems architectures only take financial services firms so far. More novel approaches including the implementation of compliance and data management centers of excellence and new system architectures for record storage and retrieval should be key elements of any transformation effort.