How Banks Can Leverage Data to Comply with Complex Global Regulations
According to a report by the Boston Consulting Group, since the financial crisis of 2007-2008, banks around the world have paid fines worth $321 billion. One main reason for this is due to non-compliance with regulations and attempts to manipulate the market.
Since then, there have been a number of regulations put in place that are critical for banks to adopt. For example, failure to shift with regulations such as FATCA, CRS, Dodd-Frank, Basel III (Three), EMIR, MiFID II (Two) and others could result in serious consequences and various technical challenges.
Most of the key regulatory norms many banks are anticipating surround data reporting and variances in diverse data sets coming from multiple geographies. This must now be consistent with clearly defined time frames and organized reporting. The best way for banks to ensure they are not falling behind is to regulate employee communication across all offices.
Here are four important ways banks can do this:
#1 Gain complete visibility into internal communications and provide detailed reporting.
#2 Use important tags across key areas to store data across various categories for smart search.
#3 Enhance quick search by implementing e-discovery.
#4 Enable compliance teams to conduct their own search which results in reduced overhead for the IT department and compliance team.
If you want to know how to mitigate risk, prevent market abuse, and leverage data to be in compliance with global regulations, click the link below for more information.
