One thing is certain about Regulatory Compliance: it is constantly changing! Brexit in the UK, a new US President in the White House may further change regulatory compliance laws.
There are many challenges that firms encounter when dealing with regulatory compliance and finding a solution requires that we answer these key questions:
Why are current compliance solutions so slow to adapt to change? Is it the complexity of the processes? Is it the fact that data is spread across multiple silos in the organization? Are there too many manual processes? Is it that the Data Warehouse with the ETL/ELT processes cannot keep up with the volume and diversity of data? Why is the cost of achieving compliance so high?
In a recent webinar, Cloudera,Trifacta, and Qlik have presented a solution that simplifies and reduces the time it takes to implement the changes to an evolving regulation, by using big data, data preparation automation and powerful data visualization. The solution provides flexibility to meet and adapt to future compliance needs and at the same time lowers the cost of compliance.
To showcase the solution, we selected an example of a Private Fund (PF) Adviser’s SEC form PF, that we implemented for a joint Financial Services customer. Many analysts still use Excel to manipulate the data. The question is: how do you keep hundreds of analysts in synch and following standard procedures?
The solution: data is wrangled with Trifacta stored in Apache Hadoop, managed with Cloudera, and visualized with Qlik.
The result? 5x faster in generating reports as well as designing and processing. The 200 analysts are using now a standardized process based on workflows that are automated. They can deliver the reports faster to the customers and ultimately to the regulators, instead of waiting for data to be prepared. Data lineage is tracked automatically and can be easily reported on.
Overall, the platform offers more agility to adapt to changes in reporting requirements and lowers the burden on IT resources.
Another Financial Services Cloudera customer created a shared data platform, used for their Prime Services. One of their customers used the platform for risk and compliance purposes and was able to reduce the time it takes to generate a report from 23 days to 11 minutes.
Many financial firms are rethinking regulatory compliance as part of a larger data strategy. If the underlying platform offers fast processing of a variety of data sources, at scale, in a secure and auditable way, there is an opportunity to achieve regulatory compliance and improve your customer’s experience at the same time, using the same data.
>>See Cloudera, Trifacta, and Qlik’s Demo in Action in the recording of our recent webinar.
>>Download Cloudera’s Solution Brief for Regulatory Compliance
>>Download Trifacta and Cloudera’s Solution Brief for Data Wrangling on Hadoop
>>Explore Qlik’s Top 12 Solutions for Financial Services
>>Explore Trifacta solutions for Financial Services