No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home Data Privacy

The Right Data Strategy for Staying Ahead of Evolving Compliance Requirements

by Ann Kuelzow
June 5, 2018
in Data Privacy, Featured
The Right Data Strategy for Staying Ahead of Evolving Compliance Requirements

Top 5 Best Practices for Data Management

In today’s data-driven digital economy, traditional databases struggle to keep up with the increasing amount of streaming data. Adding to this stress are new compliance regulations, such as GDPR, that often complicate core processes across industries, including financial services. This article will discuss how financial service organizations can keep pace with growing data compliance requirements without compromising speed or impacting business activities.

Analyst firm IDC predicts that by 2025 the global ‘datasphere’ will swell to a staggering 163 zettabytes of data generated per year – that’s ten times the data generated in 2016. In today’s data-driven digital economy, traditional databases struggle to keep up with increasing amounts of data that stream in faster than ever. Compounding the challenges created by the dramatic increase in both the speed and scale of data is the broad impact of new data management and compliance regulations that often complicate core processes across every industry, including financial services.

Many financial services organizations comply with existing regulations, such as BASEL III, FFIEC, Sarbanes–Oxley and Markets in Financial Instruments Directive (MiFID II), along with the Fundamental Review of Trading Book (FRTB) requirements that went into effect in January. On deck is the General Data Protection Regulation (GDPR). Effective May 25, 2018 and issued by the European Union (EU), GDPR requires that any organization that handles data from an EU resident must be compliant. This includes providing increased transparency when reporting a security or confidentiality breach to regulators and those whose data is affected, all within specified timeframes.

The ever-increasing list of regulations is forcing financial services organizations to button up data management best practices. To better manage growing data volumes and effectively limit risks associated with compliance regulations, these organizations are breaking down data silos to provide better visibility and integration across the enterprise. However, as financial services organizations modernize their data infrastructures, they are often challenged to balance evolving compliance regulations with additional demands of their data, such as those around customer experience and operational productivity.

Some financial services organizations still store a majority of their data on legacy platforms, which can limit accessibility and visibility when it comes to meeting new regulatory requirements. Even financial services organizations that have fewer legacy systems are still likely to require database technologies that deliver enhanced interoperability to help provide a real-time view across their business.

Here are some data management best practices to help financial services organizations meet current and future compliance requirements:

  • Read: Start by reading the new regulatory compliance acts and make a list of the new requirements and how they will impact your organization. There will likely be a host of new information and processes required.
  • Take inventory: Then take inventory of your infrastructure and where your assets live. In the past, financial services organizations have often met regulations in a piecemeal fashion, adding new siloed applications with each new ruling.
  • Identify the gaps: Now compare your existing data infrastructure to the new requirements and identify the gaps. The latest round of regulations is raising the stakes by requiring organizations to unify and analyze their data in real-time. If you determine that your capabilities are sub par, determine the solutions you need to be compliant.
  • Be ready for an audit: As a financial services organization, you always need to be ready to provide regulators with information from anywhere in your data infrastructure. Make sure you’ve selected a reporting system that meets your needs.
  • Check: Every six months, revisit the guidelines to ensure you are still compliant. Understanding and complying with these regulations reduces complication and risk.

Ensuring compliance can be a lot to manage, but if you stick with it and keep your data management policies in sync with new regulations, you will ensure that your financial services organization is always compliant.


Tags: GDPR
Previous Post

Dear CCOs: What is Your Mandate??

Next Post

Transforming IT Audit in the Digital Era

Ann Kuelzow

Ann Kuelzow

As Sales Manager, Financial Sector, for InterSystems, Ann Kuelzow leads strategic sales and account relationships in the financial services sector.  She is based in New York. Ann is a sales leader with expertise selling complex software solutions to the financial services industry. Prior to her current role, she served as NE Manager and Financial Services Sales Manager for Sybase/SAP in New York, managing one of the largest business sectors for that company. She started her career as a chemical engineer working for Colgate Palmolive. She holds a B.S. degree in Chemical Engineering from Clarkson University.

Related Posts

gdpr

UK Resurrects Data Protection Reforms, EU Court Rules on GDPR in Civil Cases

by Jonathan Armstrong and André Bywater
March 15, 2023

Recent courtroom and legislative action in Europe will likely have ripple effects around the world for companies subject to regulations...

eu flag

Preparing Your Company for the Latest GDPR Data Transfer Developments & Upcoming Deadlines

by Kevin L. Coy
November 30, 2022

An EU court decision and legislative moves in the U.S. and UK make compliance with privacy regulations increasingly difficult. Arnall...

minidata_b

Honey, I Shrunk the Data: How to Keep Customer Info on a Need-to-Know Basis

by Parker Poe
November 30, 2022

It may be tempting to hoard the data you have gathered on your customers, but an increasing number of regulations...

uk ico data access

UK’s Data Protection Regulator Signals Crackdown on Access Request Violations

by Jonathan Armstrong and André Bywater
October 5, 2022

Data privacy laws in the EU and UK established the right of individuals to find out what personal information organizations...

Next Post
Transforming IT Audit in the Digital Era

Transforming IT Audit in the Digital Era

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Code of Conduct Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime Financial Crimes Enforcement Network (FinCEN) GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT