Data management can be a challenging minefield for all financial institutions. A new report points out that asset management firms are leading the way in strategic regulatory data management. This week’s FIN News focuses on The Trade News article, “Buy-Side Deemed Frontrunners in Regulatory Data Management,” and shares insights on obstacles related to this topic. See the full report of the survey findings.
Here are the key takeaways:
- Data management remains a top challenge, and capital markets must work to find practical solutions.
- A report from Thomson Reuters shows that buy-side firms lead the way as the institutions most likely to have a strategic regulatory data management approach in place.
- Banks, insurers and asset services are starting to change their mindsets and operate more strategically for certain regulations, but not all.
- The report found that culture and organization are considered the biggest barriers to progress in data management.
- The scale and complexity of firms can also make it difficult to adapt to new regulatory data management models.
- Finally, cost and lack of data definition and consistency were listed as barriers, obstructing efforts to move toward more harmonized approaches.
- 95% of respondents agreed that there are “significant benefits” to harmonizing their approach to data management for multiple regulations.
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