The financial services industry (FSI) faces more regulatory and compliance pressures than almost any other industry. And it’s costly to be compliant. Major banks typically spend 15 to 20 percent of their revenue on meeting compliance requirements. However, despite this enormous investment, it is still challenging for organizations to remain within the rules. Deutsche Bank recently faced a fine of more than $650m from US and UK authorities for failing to adequately maintain its anti-money laundering (AML) controls.1 This failure led to $10bn in laundered money entering the market.1
With data volumes rising and new regulations such as the Second Payment Services Directive (PSD2), the General Data Protection Regulation (GDPR), the Markets in Financial Instruments Directive (MiFID II), and the Fundamental Review of the Trading Book (FRTB) setting new standards worldwide, these challenges are only becoming more acute. As the leader of a financial services organization it’s imperative to ensure your company has a complete overview of its data, and deploys the faster-than-human analytics required for tasks such as risk aggregation and regulatory reporting.
At Intel, we recommend our clients wishing to enhance their compliance capabilities consider a centralized, multi-cloud environment to support their advanced analytics projects. Once you have a multi-cloud environment in place, you can then set up data lake. A centralized data platform, it enables you to view and access all your data from all sources and in any format. This can help your organization to:
- Scale service delivery – In the highly competitive financial sector, compliance cannot get in the way of delivering new and better services to customers. But meeting both of these challenges requires a fundamental reshaping of traditional IT environments. This is only possible with the scale and agility provided by multi-cloud and advanced analytics. Above all, multi-cloud gives your organization the flexibility to add or remove services as you need them, quickly and at minimal cost.
- Ensure timely regulatory reporting - We know that time is money, and with regulatory reports demanded as often as daily, and data being drawn from legal documentation, trading systems and even social media, this can be an onerous process. This is particularly the case for established banks, many of whom use risk reporting systems that lack the ability to aggregate all the organization’s data into one place. Tackling siloed data using a data lake is the key to leveraging the benefits of advanced analytics-based systems. These will help put your organization on a sustainable financial footing by ensuring you have full control over your data to collect and ingest it with ease. Regulatory reporting becomes easier, with information available in real-time at lower costs.
- Adapt to new regulations – New regulations often bring with them a fundamental shift in the financial services industry. PSD2, a European initiative with global implications, is one example of this. It is bringing with it much more than new compliance demands – it’s also establishing a requirement for real-time payments.2 Delivering real-time payments, and therefore keeping up with other players in your industry, is only possible when all your data sources are centralized and all your business workflows and processes can work together seamlessly. Another example of this is FRTB,3 which is designed to harmonize the treatment of market risk across national jurisdictions. It will also result in higher global capital requirements. Meeting the requirements of FRTB will require both more and stronger data analysis capabilities, as well as new internal and external reporting requirements. This includes tracking market risk throughout the day and measuring market risk capital as of the end of the previous day.
- Build a stronger relationship with your customers – In addition to boosting your brand image by showing a commitment to compliance, centralizing your data in a multi-cloud environment enables you to create a 360-degree view of the customer. Ultimately, this means you can deliver better, more personalized services while also helping you remain compliant.
The key to transforming compliance challenges into business opportunities in the data-driven era is having a united view of all the data across your organization, alongside the faster-than-human analytics necessary to outpace nefarious behaviors and help the industry innovate with confidence.
Find out more about how multi-cloud and advanced analytics can drive insights for your organization by reading this white paper from Intel.4 5
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