Data insights: Regulation's Silver Lining | KPMG | PH

Data insights: Regulation's Silver Lining

Data insights: Regulation's Silver Lining

R.G. Manabat & Co.

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Turn the pages of virtuallyanymajorfinancialservicesregulatory document, andthe word "data" features highly.Banks, capital markets andother institutions are taskedwith collecting, calculating andsubmitting hundreds of thousands,and possibly millions, ofdata points a month to regulators,with serious consequencesfor any errors or misleadingconclusions.

Not only must reports be accurate,comprehensive and in aspecified format, but, increasingly,regulators are demandingevidence of the source, or "traceability",of the data to verifyits credibility. Satisfying thesevarious requirements is a majorheadache, especially for those organizationswith complex structuresand disparate systems,where data is typically stored ina range of formats and must bepulled together manually.

With a host of different typesof reports covering data associatedwith risk (e.g., credit exposures),finance, customer transactions,capital (e.g., tradingdetails), treasury (e.g., liquiditylevels), profit and loss accounts,and human resources (HR), thereis inevitably a significant overlapbetween different sets of regulatoryrequirements, andpotentialduplication involved in preparingsubmissions.

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