Fenergo: FIMA 2013 Financial Data Management Benchmarking Report
Posted: 1 October 2013 | Source: Fenergo
This year’s results clearly show that data management continues to be a monumental challenge for financial institutions in 2013, with regulatory/ compliance data requirements topping the bill of concerns. New and
enhanced regulatory compliance requirements are forcing financial institutions to strive for higher quality data and data management processes.
In particular, data silos continue to be a top concern. To combat this and to prepare for regulatory implementation timelines, many financial institutions are manoeuvring their data and compliance teams to work much more
closely together to achieve the best regulatory outcome and tear down some of the divisional siloes that you’ll be reading about in this report. It is heartening, too, to note the emergence of a Chief Data Officer in most financial institutions surveyed, giving a much needed voice in the board room to a vital function upon which so many departments depend. For Fenergo, data forms the very foundation upon which all regulatory obligations can be solved. The cornerstone of our compliance engine and onboarding platform, data drives the entire regulatory onboarding process.
Key data inputs (legal entity type, role, jurisdiction and products), coupled with a rules-based compliance engine, effectively determine the route and sub-routes the client and/or counterparty needs to travel in order to be
identified and classified accurately, guiding the client through the relevant regulations that pertain to them and driving the data and documentation collection processes.
The re-usability of data and documentation across various parts of the institution for multiple regulations is also a vital component of being able to comply with regulations simultaneously. To do this, institutions need to
eliminate data silos and adopt an enterprise-wide capability that enables the cleansing and remediation of client and/or counterparty data and facilitates data sharing between key parts of the institution with little or no manual
intervention. But the bottom line is - everything depends on the data.