Data & Regulations
Due to increasing economic volatility and threat to data security and privacy, local and international regulatory demands of organisation have significantly increased in the recent years. In particular, for financial services industry, regulators are asking for a lot more breadth and granularity of data at much more reporting frequency, leaving very limited preparation windows. As a result organisations are spending enormous amount of money every year to keep up with the various regulations to be compliant.
It is important for organisations to take a step back and understand data required for the various regulations are connected, directly or indirectly. They are also tied to various Board accountabilities. Further, they are also the same kind of data that Business stakeholders are requesting for analytics and insights, to increase revenue, innovate products and services tailored to customer needs, improve customer experience and reduce enterprise cost an risks.
Taking a holistic view on data, consolidating investments and converging delivery can generate significant cost efficiency and much greater enterprise value.
Below is illustration provides a high level view of various regulatory expectations in the Australian banking industry.
*GDPR – General Data protection Regulation for Personal Data
** CDR – Consumer Data Right (links to Open Banking)
+ Privacy of Customer data (incl. Personally Identifiable Information/PII and Personal Card Information/PCI) are covered under Notifiable Data Breach governed by Office of the Australian Information Commissioner (OAIC)
++ COVID-19 reports also require Risk / Capital Adequacy data