I will be sharing my experience and ideas on “Achieving Regulatory Compliance – the devil is in the data” at an IDQ Seminar Series event in Dublin next month. I would like you to help me prepare.
I would like you to share your past experience with me, your ideas on the current situation, and most important, your view of the future.
What industry do you work in?
Is regulation increasing in your industry?
Is regulation merely a box ticking exercise? Does the regulator simply accept what you say.
What role does data quality play?
What role does data governance play?
My initial thoughts are as follows:
- Regulation is increasing across all industries
e.g. Within Financial Services, the list includes:
- SOLVENCY II
- BASEL II
- Anti Money Laundering AML
- Anti Terrorist Financing AFT
- Sarbanes Oxley SOX
- Regulatory compliance is often seen as a box ticking exercise, since it is physically impossible for the regulator to check all the information provided.
- Regulators will increasingly seek to challenge, audit and query the Data Governance processes used to gather the information, and critically the controls applied within those processes. (I have written a series of posts on common Data Governance Issues – see Data Governance Issue Assessment Process)
I hope to write a number of posts expanding on the above ideas. My argument is that “To achieve Regulatory Compliance, the devil is very definitely in the data, but the evidence is in the Data Governance process”.
Whether you agree, or disagree, I would like to hear from you.