“As compliance teams face growing regulations and an increased volume of data, the industry needs to change its approach. Adopting a data-first strategy, which focuses on accurately capturing, normalising and storing both structured and unstructured data on a unified platform offers an efficient, scalable and future-proof response to regulatory compliance.”
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Matt Smith, CEO, SteelEye
Compliance teams can solve a range of challenges associated with regulatory change by adopting an approach that’s rooted in digital transformation, and specifically, the enhancement of data quality.
Getting the data right is foundational to all digital transformation projects. This involves making sure all data is correctly sourced, cleaned and normalised, and automating these processes through the use of technology.
Beyond regulatory compliance, this also provides the opportunity for compliance teams to contribute proactively to their organisation’s overall data management, insight and analytics.
After all, much of the data that’s needed to comply with EMIR, MiFID II, MAR, SMCR, operational resilience guidance and SFTR is also data that can be put to other, value-generating uses.
This is an important win-win for compliance teams, which can help them build relationships and enhance engagement with key parts of the organisation.
