James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS, pose challenges to all financial institutions, from the smallest bank to the largest financial services enterprise.
Governance and Architecture in Data IntegrationAnalytiX DS
AnalytiX™ Mapping Manager™ provides this discipline and rigor through its dedicated data mapping methodology as well as its metadata management processes and powerful patented mapping technology. AnalytiX™ Mapping Manager™ was designed and developed to not only fill the gap of having the ability to manage and version mapping specifications, but to also streamline and improve current process and drive standards around the entire process and across the enterprise for all integration and governance processes.
Health System Mergers & Acquisitions: Considerations for IT Joann Williams-Hoxha
In HealthNET's presentation for the Massachusetts Health Data Consortium, Clifton Jay and Mary Ann Keane presented 6 considerations for health system mergers & acquisitions.
Governance and Architecture in Data IntegrationAnalytiX DS
AnalytiX™ Mapping Manager™ provides this discipline and rigor through its dedicated data mapping methodology as well as its metadata management processes and powerful patented mapping technology. AnalytiX™ Mapping Manager™ was designed and developed to not only fill the gap of having the ability to manage and version mapping specifications, but to also streamline and improve current process and drive standards around the entire process and across the enterprise for all integration and governance processes.
Health System Mergers & Acquisitions: Considerations for IT Joann Williams-Hoxha
In HealthNET's presentation for the Massachusetts Health Data Consortium, Clifton Jay and Mary Ann Keane presented 6 considerations for health system mergers & acquisitions.
This white paper will discuss prioritizing actuarial innovation, insurance business oriented architecture, evaluating your actuarial environment, enterprise actuarial data architecture, potential solutions, and critical success factors.
Presented by William Freitag, Managing Partner and CEO, Agile Technologies
Data and the enterprise mission: putting data at the corecorfinancial
Data matters to Financial Services firms. It is their stock-in-trade, a strategic asset that without an accurate and timely data set they cannot operate effectively, they cannot price risk fully and their capital allocation calls are unlikely to be optimal. Data is the ultimate collateral of these firms. For many, it requires a transformational change in their systems, technology and processes How then do you embed strategic data into your enterprise architecture?
Read 2 minute guide
Research: How To Manage Regulatory Compliance Conor Coughlan
This is a special report based on the latest market research relating to how your peers and other market players are addressing regulatory compliance and the management of regulatory data.
Specifically this report outlines the markets reaction to:
- MiFID II
- Solvency II
- Basel
- AIFMD
- CRD
- IFRS
- EMIR
- Volcker and many more regulations.
The survey included practitioners from Asset Management, Wealth Management, Insurance, Banking and other FS entities.
Advantages of an integrated governance, risk and compliance environmentIBM Analytics
Risk management is increasingly becoming a strategic, executive-sponsored solution that many organizations view as providing a competitive advantage. When companies have an aggregated view of all the different kinds of risk and compliance data, they can start to generate insights about how to run the business better. In this presentation, learn why and how to empower business leaders to make more risk-aware decisions with visibility across controls and associated issues and actions throughout the organization.
As it incorporates a gamut of functions from business activity monitoring to performance management and business planning, business intelligence attracts a growing number of companies who earlier specialized in individual functions
Data Governance That Drives the Bottom LinePrecisely
The financial services sector is investing heavily in data governance solutions to find, understand and trust customer data, while also managing compliance risk around an ever-evolving regulatory landscape more effectively.
But do you still find it difficult to get management support for data governance budgets? Do you have the tools you need to determine the “business cost of data” accurately? Can you show the CFO an ROI projection he can count on? Are you able to answer, “Will I see results on the top line or the bottom line?” Are your business line leaders able to identify areas that are losing money due to data problems?
If you answered no to any of these questions, join Precisely in our upcoming webinar that will focus on how Financial Services companies can monetize the return on investment for data governance and how to relate it to business results that every senior leader understands.
Join this on-demand webinar to learn about:
- How to select data initiatives based on corporate goals and strategy
- How to connect the dots from data challenges (quality, availability, accuracy, currency) to specific business metrics around
- How to quantify the data contribution to improving business performance around
- How to leverage metadata and linage to get a 360-degree understanding of your data
- How to evaluate data assets by assigning measures and defining scores.
- How to assign accountability to assets and processes
- How to define and execute the workflows needed to implement corrective actions
- How to highlight the benefits of data governance
The third edition of the BoardMatters Quarterly explores how big data and analytics emerge as game-changers for business. This edition also explores how we can tackle corruption, boosting internal control mechanisms.
Boosting Cybersecurity with Data Governance (peer reviewed)Guy Pearce
Data Governance has a significant role to play in information security, with special data classes beyond the regular four cyber classes (public, confidential, classified and restricted) being useful in helping the organization identify whether sensitive data was exposed in a breach.
NS2 Projects for M. Tech, NS2 Projects in Vijayanagar, NS2 Projects in Bangalore, M. Tech Projects in Vijayanagar, M. Tech Projects in Bangalore, NS2 IEEE projects in Bangalore, IEEE 2015 NS2 Projects, WSN and MANET Projects, WSN and MANET Projects in Bangalore, WSN and MANET Projects in Vijayangar
Was ist eigentlich: ein Social Network?ADENION GmbH
Ein Social Network, auch Social Community genannt, ist ein Kommunikationsportal, das eine Kommunikation der Nutzer untereinander ermöglicht. Social Networks sind geschlossene Netzwerke, daher ist für die Teilnahme an der Kommunikation eine Anmeldung erforderlich. Beispiele von Social Networks sind MySpace, Facebook, Xing, Google+, StayFriends oder die VZ-Netzwerke.
This white paper will discuss prioritizing actuarial innovation, insurance business oriented architecture, evaluating your actuarial environment, enterprise actuarial data architecture, potential solutions, and critical success factors.
Presented by William Freitag, Managing Partner and CEO, Agile Technologies
Data and the enterprise mission: putting data at the corecorfinancial
Data matters to Financial Services firms. It is their stock-in-trade, a strategic asset that without an accurate and timely data set they cannot operate effectively, they cannot price risk fully and their capital allocation calls are unlikely to be optimal. Data is the ultimate collateral of these firms. For many, it requires a transformational change in their systems, technology and processes How then do you embed strategic data into your enterprise architecture?
Read 2 minute guide
Research: How To Manage Regulatory Compliance Conor Coughlan
This is a special report based on the latest market research relating to how your peers and other market players are addressing regulatory compliance and the management of regulatory data.
Specifically this report outlines the markets reaction to:
- MiFID II
- Solvency II
- Basel
- AIFMD
- CRD
- IFRS
- EMIR
- Volcker and many more regulations.
The survey included practitioners from Asset Management, Wealth Management, Insurance, Banking and other FS entities.
Advantages of an integrated governance, risk and compliance environmentIBM Analytics
Risk management is increasingly becoming a strategic, executive-sponsored solution that many organizations view as providing a competitive advantage. When companies have an aggregated view of all the different kinds of risk and compliance data, they can start to generate insights about how to run the business better. In this presentation, learn why and how to empower business leaders to make more risk-aware decisions with visibility across controls and associated issues and actions throughout the organization.
As it incorporates a gamut of functions from business activity monitoring to performance management and business planning, business intelligence attracts a growing number of companies who earlier specialized in individual functions
Data Governance That Drives the Bottom LinePrecisely
The financial services sector is investing heavily in data governance solutions to find, understand and trust customer data, while also managing compliance risk around an ever-evolving regulatory landscape more effectively.
But do you still find it difficult to get management support for data governance budgets? Do you have the tools you need to determine the “business cost of data” accurately? Can you show the CFO an ROI projection he can count on? Are you able to answer, “Will I see results on the top line or the bottom line?” Are your business line leaders able to identify areas that are losing money due to data problems?
If you answered no to any of these questions, join Precisely in our upcoming webinar that will focus on how Financial Services companies can monetize the return on investment for data governance and how to relate it to business results that every senior leader understands.
Join this on-demand webinar to learn about:
- How to select data initiatives based on corporate goals and strategy
- How to connect the dots from data challenges (quality, availability, accuracy, currency) to specific business metrics around
- How to quantify the data contribution to improving business performance around
- How to leverage metadata and linage to get a 360-degree understanding of your data
- How to evaluate data assets by assigning measures and defining scores.
- How to assign accountability to assets and processes
- How to define and execute the workflows needed to implement corrective actions
- How to highlight the benefits of data governance
The third edition of the BoardMatters Quarterly explores how big data and analytics emerge as game-changers for business. This edition also explores how we can tackle corruption, boosting internal control mechanisms.
Boosting Cybersecurity with Data Governance (peer reviewed)Guy Pearce
Data Governance has a significant role to play in information security, with special data classes beyond the regular four cyber classes (public, confidential, classified and restricted) being useful in helping the organization identify whether sensitive data was exposed in a breach.
NS2 Projects for M. Tech, NS2 Projects in Vijayanagar, NS2 Projects in Bangalore, M. Tech Projects in Vijayanagar, M. Tech Projects in Bangalore, NS2 IEEE projects in Bangalore, IEEE 2015 NS2 Projects, WSN and MANET Projects, WSN and MANET Projects in Bangalore, WSN and MANET Projects in Vijayangar
Was ist eigentlich: ein Social Network?ADENION GmbH
Ein Social Network, auch Social Community genannt, ist ein Kommunikationsportal, das eine Kommunikation der Nutzer untereinander ermöglicht. Social Networks sind geschlossene Netzwerke, daher ist für die Teilnahme an der Kommunikation eine Anmeldung erforderlich. Beispiele von Social Networks sind MySpace, Facebook, Xing, Google+, StayFriends oder die VZ-Netzwerke.
Immer mehr Inhalte mit immer mehr Änderungsdynamik müssen für Kunden auf den WebSites bereitgestellt werden. Und die Kunden wollen immer spezifischere Informationen, wollen sich Inhalte "merken", wollen umfassend informiert werden. Und dann kommt noch User Generated Content dazu! Wertvolle Inhalte aus dem Unternehmen wie auch von Kunden suchen ihren Platz auf der Corporate WebSite.
Mit bisherigen Mitteln werden WebSites durch zusammenstellen und verlinkten von Inhalten "gebaut". Diese Sites werden mit zunehmender Content-Menger immer komplexer und schwerer redaktionierbar und wartbar. Reduziert man durch den Einsatz von semantischer Technologie die direkten Verlinkungen zwischen Inhalten auf thematische Zusammenhänge, so kann man dem Portal das Zusammenbauen der Landing-Pages, SubSites und Kampagnen-Seiten überlassen. Jeder Kunde bekommt interessensspezifisch "seine" Site mit seinen Informationen. Personalisierung wird leichter. Drittinhalte können das eigene Angebot aufwerten ohne das dadurch zusätzliche Redaktionsarbeit entsteht. Die bisherigen redaktionellen Aufwände werden spürbar reduziert. Es bleibt mehr Zeit für hochwertigen Content.
Change has always been a constant in the financial industry but the recent financial crisis triggered an unprecedented rise in that rate of change. Today, increased regulation, greater demands for transparency, and new business channels require financial institutions to constantly be in reactive mode.
Financial institution executives realize the increasing pace of change is not temporary. They understand that this is a “new normal” that they must plan and prepare for. And they know that proactively developing a sound strategy for dealing with constant change begins with an honest look at the institution’s ability to deal with change.
The only way to improve change capacity is to build a strong foundation based in technology that is specifically designed to manage constant transformation.
Presentation to introduce information governance. This should be used in conjunction with the paper I published on my website. A full information governance methodology, with research included from the foremost authorities on data governance.
Article discussing the potential for realignment of insurance strategies to focus on differentiating factors that may or may not include legacy systems replacement. Should legacy systems be outsourced and insurance resources reapplied to strategically unique areas?
Organisations spend heavily on technology, people skills and consulting to understand billions of bits of data, but they still lack clear visibility and insight.....
Organisations face a plethora of compliance duties in today's corporate context. Even in the formal sector, the number of compliance requirements for small and medium-sized firms (SMEs) can easily exceed 400. Navigating this complex web of rules can be difficult, leaving organisations with the problem of retaining total visibility over their compliance requirements. Without a solid framework, firms may find themselves constantly battling fires, with compliance teams struggling to keep up with pending duties. This not only raises the likelihood of noncompliance, but it also exposes firms to increased costs and potential fines. Businesses require a powerful tool—a compliance database—to efficiently manage and minimise compliance risks. In this blog post, we'll look at the significance of a compliance database and why it's become a must-have for organisations functioning in today's complex regulatory climate.
By aligning technology with business strategy and understanding how the organization must adapt, companies can optimize the impact of their cloud investments. Companies can use four criteria to determine where the cloud can deliver the most value.
Learn more from our Cloud resource center - http://gt-us.co/1BQYYqp
How are Banks Turning Regulatory Compliance into An Opportunity.pdfMaveric Systems
EY’s survey shows that, for the most part, banks’ compliance functions still follow conventional monitoring, surveillance, and advisory models, with a secondary split based on geography.
In your cloud transition, don’t overlook the finance and accounting implications, which influence efforts from risk management and security to regulatory compliance. Reap the full benefits of an enterprisewide cloud deployment by following four strategies that will help you consider the holistic impact of the cloud.
Learn more - http://gt-us.co/1wJulWG
Similar to Aligning finance , risk and compliance (20)
Exploring Factors Affecting the Success of TVET-Industry Partnership: A Case ...AJHSSR Journal
ABSTRACT: The purpose of this study was to explore factors affecting the success of TVET-industry
partnerships. A case study design of the qualitative research method was used to achieve this objective. For the
study, one polytechnic college of Oromia regional state, and two industries were purposively selected. From the
sample polytechnic college and industries, a total of 17 sample respondents were selected. Out of 17
respondents, 10 respondents were selected using the snowball sampling method, and the rest 7 respondents were
selected using the purposive sampling technique. The qualitative data were collected through an in-depth
interview and document analysis. The data were analyzed using thematic approaches. The findings revealed that
TVET-industry partnerships were found weak. Lack of key stakeholder‟s awareness shortage of improved
training equipment and machines in polytechnic colleges, absence of trainee health insurance policy, lack of
incentive mechanisms for private industries, lack of employer industries involvement in designing and
developing occupational standards, and preparation of curriculum were some of the impediments of TVETindustry partnership. Based on the findings it was recommended that the Oromia TVET bureau in collaboration
with other relevant concerned regional authorities and TVET colleges, set new strategies for creating strong
awareness for industries, companies, and other relevant stakeholders on the purpose and advantages of
implementing successful TVET-industry partnership. Finally, the Oromia regional government in collaboration
with the TVET bureau needs to create policy-supported incentive strategies such as giving occasional privileges
of duty-free import, tax reduction, and regional government recognition awards based on the level of partnership
contribution to TVET institutions in promoting TVET-industry partnership.
KEY WORDS: employability skills, industries, and partnership
“To be integrated is to feel secure, to feel connected.” The views and experi...AJHSSR Journal
ABSTRACT: Although a significant amount of literature exists on Morocco's migration policies and their
successes and failures since their implementation in 2014, there is limited research on the integration of subSaharan African children into schools. This paperis part of a Ph.D. research project that aims to fill this gap. It
reports the main findings of a study conducted with migrant children enrolled in two public schools in Rabat,
Morocco, exploring how integration is defined by the children themselves and identifying the obstacles that they
have encountered thus far. The following paper uses an inductive approach and primarily focuses on the
relationships of children with their teachers and peers as a key aspect of integration for students with a migration
background. The study has led to several crucial findings. It emphasizes the significance of speaking Colloquial
Moroccan Arabic (Darija) and being part of a community for effective integration. Moreover, it reveals that the
use of Modern Standard Arabic as the language of instruction in schools is a source of frustration for students,
indicating the need for language policy reform. The study underlines the importanceof considering the
children‟s agency when being integrated into mainstream public schools.
.
KEYWORDS: migration, education, integration, sub-Saharan African children, public school
Your Path to YouTube Stardom Starts HereSocioCosmos
Skyrocket your YouTube presence with Sociocosmos' proven methods. Gain real engagement and build a loyal audience. Join us now.
https://www.sociocosmos.com/product-category/youtube/
Grow Your Reddit Community Fast.........SocioCosmos
Sociocosmos helps you gain Reddit followers quickly and easily. Build your community and expand your influence.
https://www.sociocosmos.com/product-category/reddit/
Multilingual SEO Services | Multilingual Keyword Research | Filosemadisonsmith478075
Multilingual SEO services are essential for businesses aiming to expand their global presence. They involve optimizing a website for search engines in multiple languages, enhancing visibility, and reaching diverse audiences. Filose offers comprehensive multilingual SEO services designed to help businesses optimize their websites for search engines in various languages, enhancing their global reach and market presence. These services ensure that your content is not only translated but also culturally and contextually adapted to resonate with local audiences.
Visit us at -https://www.filose.com/
Social media refers to online platforms and tools that enable users to create, share, and exchange information, ideas, and content in virtual communities and networks. These platforms have revolutionized the way people communicate, interact, and consume information. Here are some key aspects and descriptions of social media:
How social media marketing helps businesses in 2024.pdfpramodkumar2310
Social media marketing refers to the process of utilizing social media platforms to promote products, services, or brands. It involves creating and sharing valuable content, engaging with followers, analyzing data, and running targeted advertising campaigns.
www.nidmindia.com
Unlock TikTok Success with Sociocosmos..SocioCosmos
Discover how Sociocosmos can boost your TikTok presence with real followers and engagement. Achieve your social media goals today!
https://www.sociocosmos.com/product-category/tiktok/
Non-Financial Information and Firm Risk Non-Financial Information and Firm RiskAJHSSR Journal
ABSTRACT: This research aims to examine how ESG disclosure and risk disclosure affect the total risk of
companies. Using cross section data from 355 companies listed in Indonesia Stock Exchange, data regarding
ESG disclosure and risk was collected. In this research, ESG and risk disclosures are measured based on content
analysis using GRI 4 guidelines for ESG disclosures and COSO ERM for risk disclosures. Using multiple
regression, it is concluded that only risk disclosure can reduce the company's total risk, while ESG disclosure
cannot affect the company's total risk. This shows that only risk disclosure is relevant in determining a
company's total risk.
KEYWORDS: ESG disclosure, risk disclosure, firm risk
The Challenges of Good Governance and Project Implementation in Nigeria: A Re...AJHSSR Journal
ABSTRACT : This study reveals that systemic corruption and other factors including poor leadership,
leadership recruitment processes, ethnic and regional politics, tribalism and mediocrity, poor planning, and
variation of project design have been the causative factors that undermine projects implementation in postindependence African states, particularly in Nigeria. The study, thus, argued that successive governments of
African states, using Nigeria as a case study, have been deeply engrossed in this obnoxious practice that has
undermined infrastructure sector development as well as enthroned impoverishment and mass poverty in these
African countries. This study, therefore, is posed to examine the similarities in causative factors, effects and
consequences of corruption and how it affects governance, projects implementation and national growth. To
achieve this, the study adopted historical research design which is qualitative and explorative in nature. The
study among others suggests that the governments of developing countries should shun corruption and other
forms of obnoxious practices in order to operate effective and efficient systems that promote good governance
and ensure there is adequate projects implementation which are the attributes of a responsible government and
good leadership. Policy makers should also prioritize policy objectives and competence to ensure that policies
are fully implemented within stipulated time frame.
KEYWORDS: Developing Countries, Nigeria, Government, Project Implementation, Project Failure
Get Ahead with YouTube Growth Services....SocioCosmos
Get noticed on YouTube by buying authentic engagement. Sociocosmos helps you grow your channel quickly and effectively.
https://www.sociocosmos.com/product-category/youtube/
Enhance your social media strategy with the best digital marketing agency in Kolkata. This PPT covers 7 essential tips for effective social media marketing, offering practical advice and actionable insights to help you boost engagement, reach your target audience, and grow your online presence.
1. James J Okarimia
Managing Partner
Aligning Finance, Risk and Data Analytics in
Meeting the Requirements of Emerging Regulations
Banks must meet more (and more varied) regulations today than ever. The sheer
scale and scope of banking regulations, including Dodd-Frank, Basel III and IFRS,
pose challenges to all financial institutions, from the smallest bank to the largest
financial services enterprise.
Financial organizations must keep regulatory requirements top of mind, since failing to meet these rules and
regulations places banks in a precarious position. Potential fines and remedial actions that result from noncompliance
are only part of the risk. Financial institutions also face significant business consequences if they fail to take the
necessary steps to meet regulations.
The increasing number of regulations and their widening scope were enacted to protect bank depositors and
customers, but they were also put in place to protect financial institutions and ensure their viability. The current
regulatory framework aims to make banks and banking systems more resilient and stable. While ensuring that their
technology enables the necessary transparency, analytics and reporting for regulatory compliance, financial
institutions can also improve operational inefficiency, hone their competitive advantage and mitigate myriad risks.
The Big 3: Compliance Requirements
A common theme in regulations such as Dodd-Frank, Basel III and IFRS is greater transparency or documentation
for what financial institutions are doing today. These regulations make it necessary for financial firms to create
information to meet compliance, and savvy financial institutions are beginning to realize that the same information
can help them run their businesses better and make better and more informed decisions.
To comply with these and other regulatory mandates, financial firms must transform their IT infrastructure. By
updating and streamlining the old ways of doing things to comply with regulations, banks can also sharpen their
ability to act on and profit from market opportunities.
Meeting regulatory compliance and improving business decisions are both fundamentally data challenges. Those
institutions that master their management of data and information stand to benefit on both fronts.
Meeting the New Requirements
Raising the quality, consistency and transparency of capital as required by the Dodd-Frank Act is driving financial
firms to collect, analyze and report more detailed data to regulators, auditors, management and customers. To meet
these requirements, financial firms need to address not only capital adequacy, but also mortgages, liquidity, stress
testing and other provisions that will challenge the need to establish real-time visibility, analysis and reporting of
enterprise wide data. To do so, many financial organizations will need to transform their existing IT infrastructure.
But reacting to regulations on a rule-by-rule basis isn’t a viable strategy. Instead, financial firms must come up with a
well-designed plan to transform their IT infrastructure and operations to provide visibility, analytics and reporting
necessary to meet current — and future — mandates. Some organizations are aggressively consolidating their
2. systems, seeing the need for regulatory compliance as an opportunity to fix systems that may not be working
optimally. An optimal IT infrastructure can help institutions drive down both the time and cost of maintaining
regulatory compliance and, at the same time, enable these firms to expand resources, expertise, intelligence and
visibility across the enterprise.
To ensure compliance, financial institutions require an IT infrastructure that will normalize data to enable:
• A logical data model based on deep domain experience
• An end-use driven and predefined physical data model for sourcing and provisioning, ready for immediate
deployment and use across the enterprise
• A unified and conforming reporting data model to perform fast queries across all functional domains
• Shared data, metadata, computations, calculations, business rules and controlled access that enable organizations
to meet emerging or changing cross-functional business and regulatory mandates quickly and with reduced expense
• Thousands of prebuilt data quality checks contextualized to the institution’s analytical end use that enable financial
institutions to eliminate accuracy and consistency issues
• A formal and centralized general ledger reconciliation process, for accurate and fully auditable reporting that
eliminates inconsistencies across ledgers, books and marts
Analytical requirements are dramatically increasing. Financial firms must capture and analyze more data than ever before, in
chunks that are close to a terabyte. Moving this scale and scope of data around in a network is no longer practical; running
applications in memory inside the database is becoming the preferred strategy.
• The capability to handle high volume, what-if computations across business domains to support enterprise-
level stress testing and scenario analysis
• Analytical applications that can combine results from multiple business areas to easily and securely
support cross-functional analytics throughout the enterprise
• A self-service business intelligence environment with all key business dimensions and vocabulary prebuilt
to help users get answers quickly and efficiently
• Fast query response when performing time-sensitive ad hoc analytics and reporting
• Consolidation of data across business lines to help reduce the IT footprint and the total cost of ownership
Unifying the Core Platform
CIOs and CTOs today are typically charged with helping business make better purchasing decisions. Banks and
financial services companies have traditionally acquired technology in a reactionary way, implementing solutions
such as market risk systems or credit risk systems to address an acute problem. Over the years, financial services
organizations can wind up with dozens of disparate systems from dozens of different vendors, all acquired at a time
of need. This disparity, however, creates massive problems.
If a firm has 30 different systems, each providing the firm with information on different time horizons, on different time
frames and on top of different data, the organization won’t be able to reconcile the information to create a single view
of the organization. In a competitive operating environment, it’s essential to have a holistic, enterprise wide view that
makes it possible to drill down into the lines of business or different product or asset types. Consolidating these
disparate pieces into a single system is a practical means to get this essential holistic view.
Under the audit and transparency data governance requirements, regulators need to see how the data came in, how
it came together and what rules were used to clean, scrub and transform the data. Financial organizations must show
how they do the quantitative steps, as well as how data landed in a reporting area. Organizations that have dozens of
disparate, siloes systems will find it difficult — if not impossible — to be able to show end-to-end flow and continuity.
The diverse array of different tools from different vendors results in complicated support issues as well. If a bank is
dealing with 300 vendors, renegotiating contracts becomes time-consuming
and costly. If the institution can pare down the number of technology vendors to 20, it stands to save a significant
amount of time and money.
Piecemeal technology acquisition also creates integration headaches. As an organizations’ IT environment becomes
more complex, the integration challenges only get more complicated and costly. In the long run, integration isn’t
sustainable.
Having a common platform facilitates the introduction of new products and services, which can make a huge difference in a
competitive marketplace. Integrating a new offering is as simple as dropping in the new functionality when everything is on
the same platform and data model. IT can support business and respond to ever‐changing market conditions much more
quickly.
Four Steps to IT Transformation
Creating and implementing an IT transformation initiative to help meet regulatory compliance can be a daunting
proposition. However, financial firms can get started with four steps:
3. 1. Obtain IT transformation expertise and resources. Financial firms must identify internal personnel with the
experience, skills and time necessary to plan and manage the transformation, hire more staff or turn to a third-party
outsourcing relationship for the needed expertise.
2. Firms must define their IT transformation strategy, garnering support from management. The strategy must
include a balanced allocation of funding for personnel and tools.
3. Financial organizations must implement an automated and intelligent real-time analytical infrastructure.
This should consist of a business intelligence platform, analytical computations and a unified financial services model.
4. Organizations must establish a baseline for data and anticipated activity. Dodd- Frank requires institutions to
enable their businesses to perform complex what-if scenarios and enterprise-level analytics. Banks must be able to
simultaneously provide fast query response for time-sensitive ad hoc analytics and reporting, and also to cut oper-
ating costs by combining siloed functional warehouses across business lines. This can be accomplished by
centralizing all relevant data to empower the organization’s personnel to efficiently enter information or automatically
gather the information and then store it in a database for high-performance data warehousing and online transaction
processing.
Financial services organizations must be proactive in taking steps to comply with regulatory mandates. A sensible,
comprehensive approach to industry and government mandates gives banks the opportunity to transform their IT
infrastructure, improving not only regulatory compliance, but also operational efficiency and competitive positioning. ■
A publication by James Jeffrey Okarimia
Managing Partner at RM associates
Partners in Enterprise Risk Managements