High quality data and effective technology should be at the heart of a profitable and sustainable bank. The regulatory reporting burden on banks has increased massively over recent years, and is set to increase even further over the next few years.
Increased regulatory requirements and more intensive supervision have driven an almost insatiable appetite for data among regulators. Regulators are using data to:
In addition, regulators have focused increasingly on the public disclosure of information and various regulatory initiatives on know your customer, sanctions, tax, data protection and the treatment of both retail and wholesale customers. These all carry significant implications for data and technology, while the sharper spotlight on off-shoring risk and cyber security and resilience will surely be converted into further regulatory requirements on data and technology in due course.
This regulatory intervention raises fundamental questions about the data and technology that the senior management of banks should be using to run their businesses. These issues are examined in depth in this chapter of Evolving Banking Regulation (EBR).
© 2017 Siddharta Widjaja & Rekan – Registered Public Accountants, an Indonesian partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.