A Summary of Top 28 areas covered by EC Proposed Regulation for CRR, CRD IV and Basel III Regulatory Compliance and Implementation of the proposal: A publication by James Jeffrey Okarimia
Partner at RM associates: Partners in Enterprise Risk Managements
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.
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.
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.
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
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Levelwise PageRank with Loop-Based Dead End Handling Strategy : SHORT REPORT ...Subhajit Sahu
Abstract — Levelwise PageRank is an alternative method of PageRank computation which decomposes the input graph into a directed acyclic block-graph of strongly connected components, and processes them in topological order, one level at a time. This enables calculation for ranks in a distributed fashion without per-iteration communication, unlike the standard method where all vertices are processed in each iteration. It however comes with a precondition of the absence of dead ends in the input graph. Here, the native non-distributed performance of Levelwise PageRank was compared against Monolithic PageRank on a CPU as well as a GPU. To ensure a fair comparison, Monolithic PageRank was also performed on a graph where vertices were split by components. Results indicate that Levelwise PageRank is about as fast as Monolithic PageRank on the CPU, but quite a bit slower on the GPU. Slowdown on the GPU is likely caused by a large submission of small workloads, and expected to be non-issue when the computation is performed on massive graphs.
StarCompliance is a leading firm specializing in the recovery of stolen cryptocurrency. Our comprehensive services are designed to assist individuals and organizations in navigating the complex process of fraud reporting, investigation, and fund recovery. We combine cutting-edge technology with expert legal support to provide a robust solution for victims of crypto theft.
Our Services Include:
Reporting to Tracking Authorities:
We immediately notify all relevant centralized exchanges (CEX), decentralized exchanges (DEX), and wallet providers about the stolen cryptocurrency. This ensures that the stolen assets are flagged as scam transactions, making it impossible for the thief to use them.
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At StarCompliance, we understand the urgency and stress involved in dealing with cryptocurrency theft. Our dedicated team works quickly and efficiently to provide you with the support and expertise needed to recover your assets. Trust us to be your partner in navigating the complexities of the crypto world and safeguarding your investments.
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Empowering the Data Analytics Ecosystem: A Laser Focus on Value
The data analytics ecosystem thrives when every component functions at its peak, unlocking the true potential of data. Here's a laser focus on key areas for an empowered ecosystem:
1. Democratize Access, Not Data:
Granular Access Controls: Provide users with self-service tools tailored to their specific needs, preventing data overload and misuse.
Data Catalogs: Implement robust data catalogs for easy discovery and understanding of available data sources.
2. Foster Collaboration with Clear Roles:
Data Mesh Architecture: Break down data silos by creating a distributed data ownership model with clear ownership and responsibilities.
Collaborative Workspaces: Utilize interactive platforms where data scientists, analysts, and domain experts can work seamlessly together.
3. Leverage Advanced Analytics Strategically:
AI-powered Automation: Automate repetitive tasks like data cleaning and feature engineering, freeing up data talent for higher-level analysis.
Right-Tool Selection: Strategically choose the most effective advanced analytics techniques (e.g., AI, ML) based on specific business problems.
4. Prioritize Data Quality with Automation:
Automated Data Validation: Implement automated data quality checks to identify and rectify errors at the source, minimizing downstream issues.
Data Lineage Tracking: Track the flow of data throughout the ecosystem, ensuring transparency and facilitating root cause analysis for errors.
5. Cultivate a Data-Driven Mindset:
Metrics-Driven Performance Management: Align KPIs and performance metrics with data-driven insights to ensure actionable decision making.
Data Storytelling Workshops: Equip stakeholders with the skills to translate complex data findings into compelling narratives that drive action.
Benefits of a Precise Ecosystem:
Sharpened Focus: Precise access and clear roles ensure everyone works with the most relevant data, maximizing efficiency.
Actionable Insights: Strategic analytics and automated quality checks lead to more reliable and actionable data insights.
Continuous Improvement: Data-driven performance management fosters a culture of learning and continuous improvement.
Sustainable Growth: Empowered by data, organizations can make informed decisions to drive sustainable growth and innovation.
By focusing on these precise actions, organizations can create an empowered data analytics ecosystem that delivers real value by driving data-driven decisions and maximizing the return on their data investment.
Business update Q1 2024 Lar España Real Estate SOCIMI
Aligning finance , risk and compliance
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