Chartis: Making the most of recovery
Posted: 3 July 2018 | Source: Chartis
For Financial Institutions (FIs), addressing the ongoing wave of global regulations is a complex, challenging and uncertain undertaking. The variety of legislation – and the technology needed to ensure compliance – can be bewildering. Recently, regulators’ increasing focus on the importance of data has ushered in a new wave of regulations that require FIs to monitor and manage the data they use more efficiently and securely.
Having disparate systems for different regulations and processes can leave FIs with multiple solutions operating concurrently. The technology infrastructure used for stress testing, for example, can differ from that for transaction reporting. Tackling this technology fragmentation is a big issue. Regulations also tend to focus more on processes than outcomes, offering less guidance to FIs about what they should report than on how they should actually operate. This adds to FIs’ challenges, particularly as they adapt to more data-focused processes. Ultimately for FIs, mapping from regulations to the technology components they need is becoming harder.
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