SteelEye highlights the importance of a data-centric approach to compliance
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SteelEye highlights the importance of a data-centric approach to compliance 18 June 2020London Reporter: Maddie Saghir
Image: SergiiGnatiuk/Shutterstock
SteelEye, the compliance technology and data analytics firm, has highlighted the need for a data-centric approach to compliance in its new white paper ‘Data-Driven Financial Services Compliance – Understanding the Opportunity’.
The paper delves into the key challenges faced by compliance teams within financial markets as they navigate regulatory change.
In the paper, SteelEye looked at how compliance teams can solve a range of challenges associated with regulatory change by adopting an approach that’s rooted in digital transformation, and specifically, the enhancement of data quality.
The technology and data analytics firm noted how getting the data right is foundational in the paper. It is explained that this involves making sure all data is correctly sourced, ingested, cleaned, and normalised, and automating these processes through the use of technology.
Further highlights from the paper suggested that by adopting a data-centric approach to compliance, firms can meet a range of their regulatory obligations using only one data set.
This includes regulatory reporting, market abuse monitoring and surveillance, best execution reporting, record keeping among others.
Elsewhere in the paper, SteelEye explained that this data set can be leveraged for a wide range of use cases beyond compliance, providing the opportunity for compliance teams to contribute proactively to their organisation’s overall data management, insight and analytics.
Matt Smith, CEO of SteelEye, said: “The data that is required for regulatory reporting, trade surveillance and best execution is largely the same, so why do financial firms operate separate systems for these regulatory obligations?”
He continued: “As compliance teams face growing regulations and increasing volumes of data, the industry needs to change its approach. Adopting a data-first strategy, which focuses on accurately capturing, normalising and storing both structured and unstructured data on a unified platform offers an efficient, scalable and future-proof response to regulatory compliance.”
“A data-centric approach not only provides a complete picture for compliance teams to manage an increased number of alerts and operate more efficiently but also facilitates data analysis for other parts of the firm to identify improvements,” Smith added.
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Image: SergiiGnatiuk/Shutterstock 