Data runs through all aspects of financial services organisations. Managing that data effectively is key to maximising its value and keeping operational costs low.
As UK regulators’ approach becomes increasingly data-driven, effectively managing data is now vital to ensuring compliance.
For example, the FCA now uses data to monitor firm failure risk and assess the effectiveness of sanctions screening. The PRA also emphasised the importance of data quality for regulatory reporting in a letter issued earlier this year.
Despite the growing importance of data, there are common obstacles currently stopping firms from achieving sound financial data management. These include:
- Multiple different systems and data sources
- Legacy systems from M&A activity and consolidation
- An overreliance on ineffective manual reconciliation processes
- Data silos
Our guide to financial data management explains how your team can overcome these challenges and gain full control over your data.
Read the guide to learn about:
- The growing regulatory focus on data – and what this means for you
- Common challenges affecting sound financial data management
- The solution: Best practices for financial data management
- How to manage financial data better with AutoRek
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