Transforming Regulatory Compliance with a Modern Information Pipeline

The cost and complexity of Regulatory Compliance has escalated in recent years, especially for heavily regulated industries such as Financial Services.

A large bank may have 30,000 people working on compliance controls and the spend on compliance can be as much as 15–20% of the costs to “run the bank”.

Some of the challenges are related to data management and analytics and can be addressed with the right mix of governance, people, process and technology.

These challenges include: data silos, inconsistent data quality, dependence on resource-constrained IT, lack of auditability, difficulties scaling and varying levels of standards and enforcement.

I was very excited to present with PwC and Paxata at a recent webinar, on how we can provide a solution to these challenges together.

The tools that Cloudera and Paxata offer can adapt to different types of data sources such as news and social media, which allow for a more complete view of the topic. In the case of the demo that PwC talked about, the topic was matching a Politically Exposed Person (PEP) against the Office of Foreign Assets Control (OFAC) list. An organization that makes donations to charities has to make sure that there are no PEPs from that list on the board of the charity.

By using the tools from Cloudera and Paxata, the compliance analyst has direct access to the data and can do a “deep dive” without help from the IT department. Data lineage is recorded and can be displayed in a user-friendly graphical interface, or can be provided via APIs to a compliance application.

With Cloudera and its partners, organizations can leverage data management tools that are built into the solution, to prepare the data, cleanse it and analyze it in near-real time. By eliminating silos, compliance analysts have now a company-wide view of risk and regulatory enforcement.

Because many of the data management tasks are automated, IT resources are freed up to focus on higher value projects.

Download the PwC, Paxata and Cloudera webinar here.

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