Pulling the Data Quality Thread In Data Governance
Granularity of data proving important in multiple governance and compliance efforts
With several European regulations, and their imminent deadlines, at the center of financial services data managers' attention now, this issue looks at their impact from several angles. Our coverage, on these compliance issues, as well as data governance more generally (and globally), also digs into the granularity or specificity of data that is increasingly needed to support these efforts.
Solvency II, the EU directive on reporting for the purposes of capital adequacy by insurance firms, could have the effect of getting insurers to manage their capital more wisely once they have to manage data about their holdings more carefully, as Joanna Wright reports in "Obligation ... or Opportunity?" Asset managers serving the insurance industry, an €8.5 trillion market, will be tasked with optimizing and growing assets to shore up their Solvency II balance sheets, EY executive director Gareth Mee tells us. While the changes being driven by Solvency II may create pitfalls for asset managers who cannot provide "look-throughs" on data in a timely way, the changes are also going to create overall business opportunities for asset managers.
The same asset management firms are intensifying their search for data that is common to compliance with the whole gamut of new rules—Solvency II, of course, plus MiFID II, MiFiR, BCBS 239, Basel III and EMIR. Similar to the manner in which Solvency II could create opportunity for asset managers, the quest for common-ground data could derive more value out of firms' overall stores of data, as ING's Stephane Malrait says in "Call To Action." “In other industries, the value of the company is driven based on the data they have,” he says. “They don’t see data as a cost. They see it as a revenue center. The financial industry is starting to slowly move toward that.”
In another piece in this issue, "Redundancy Debate," data governance specialists share their thoughts on how exactly to go about reconciling data from multiple sources, which could be an important aspect of collecting and maintaining the aforementioned “common ground” data that can, in turn, be applied to multiple compliance efforts. Whatever the specifics of governing data to organize it and apply it to the right channels for the various regulations, getting to a “granular” level and ensuring high quality remains the key prerequisite, as Kevin Mahn of Hennion & Walsh Asset Management said.
Finally, our "Interview With..." feature this month, is the first time we've heard someone put together "governance, risk and compliance" (GRC) as a concept, tying all these threads together. Marc Leipoldt, a risk executive for Saudi Hollandi Bank, encountered what many in comparable positions may be finding with impending compliance deadlines—a need to manage "qualitative and unruly data." By implementing a GRC plan that includes a rigorous schedule of audits and collection of data into a single environment, Saudi Hollandi is still working toward aggregating and integrating data in the manner Leipoldt envisions, but it has improved the quality of the firm's data.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Putting the ‘A’ in CDO: The rise of the chief data and analytics officer
As data and analytics become more intertwined, banks and vendors are creating a new role—the chief data and analytics officer—to help them take advantage of the opportunities it presents. It may sound easy, but rethinking data can be a gargantuan task.
The IMD Wrap: Talk about ‘live’ data, NAFIS 2024 is here
This year’s North American Financial Information Summit takes place this week, with an expanded agenda. Max highlights some of the must-attend sessions and new topics. But first, a history lesson...
Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters
Frank Tarsillo, CTO at S&P Global Market Intelligence, joins the podcast to discuss the firm’s approach to AI, the importance of data, and what might be in store for datacenters in the coming years.
Breaking out of the cells: banks’ long goodbye to spreadsheets
Dealers are cutting back on their use of Excel amid tighter regulation and risk concerns.
BMO’s cloud migration strategy eases AI adoption
The Canadian bank is embracing a more digital future as its cloud strategy makes gains and it looks to both traditional machine learning and generative AI for further augmentation.
Waters Wrap: GenAI and rising tides
As banks, asset managers, and vendors ratchet up generative AI experiments and rollouts, Anthony explains why collaboration between business and tech teams is crucial.
People Moves: NorQuant, Tradition, Duco, HKEx, SimCorp, Hazeltree, Xceptor, Broadridge, and more
A look at the past month’s people moves in the capital markets technology and data space.
Northern Trust building internal cloud data ‘marketplace’
Using a mix of in-house expertise and third-party technologies, the firm has constructed a cloud-based data mesh that gives internal staff access to proprietary datasets and analytical tools to deliver greater insights into client activity.
Most read
- Waters Wavelength Podcast: S&P’s CTO on AI, data, and the future of datacenters
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- DTCC urges affirmation focus ahead of T+1 move