Trusted data, the foundation of all regulatory reporting.
Regulation is ever increasing especially in Financial Services and Healthcare. A common trend in regulation across all industries is the focus on data. Regulators expect proof that you have control over your data: are the numbers based on actual operational data, which accountabilities are in place, what rules are being followed and monitored … In essence regulators require increased data maturity.
An understanding of very large production data landscapes at a fine level of detail, the ability to map such data to the regulators’ requirements, proper controls and monitoring regarding decisions on data and the agility to respond to new requirements, are the basic capabilities organizations must put in place. This business traceability and accessible accountability is essential for trust in data, as much for the regulators as for the business stakeholders in your organization.
To approach this target situation, one needs focus first on critical elements. Establish clarity, ownership, control and traceability at each step. This way you establish a solid foundation for data maturity.
Read more about Collibra’s Data Governance Center to show the regulators that you have a pulse on your data maturity
Solvency II is a pan-European insurance regulatory initiative that is primarily focused on the capital that must be held to reduce the risk of insolvency. However, Solvency II goes beyond …...Read the full story