Thomson Reuters Report Shows Financial Institutions Recognize Benefits of Adopting a More Strategic Approach to Regulatory Data Management & Compliance
(Thomson Reuters ONE) -
29 percent of Asia-based respondents are taking a strategic approach to
regulatory data management, compared with 18 percent in Europe and just 13
percent in North America.
NEW YORK/LONDON, October 18, 2016 - A Thomson Reuters report reveals that 88
percent of financial institutions will work strategically across regulatory
agencies over the next two years. Financial institutions are recognizing the
benefits of harmonized approaches to data management, enabling them to leverage
data commonalities that exist across multiple global regulations. The major
benefit identified by 79 percent of respondents was consistency of data across
the business, followed by organizational efficiencies (63 percent), cost savings
(50 percent) and a reduction in data sources used (44 percent).
These findings underscore a shift in the mindset of leading financial
institutions with respect to regulatory data management. The report, titled "How
Financial Institutions are Leveraging the Data Commonalities Across Regulations:
The Case for a Harmonized Approach to Regulatory Compliance," looks at the
changing regulatory data management approaches of leading investment banks,
asset managers, asset servicers and insurers. It provides step-by-step guidance
for cost-effective compliance, across the board and the globe, for the range of
regulations aimed at reducing systemic risk that impact their businesses,
including MiFID; AIFMD; Basel III; Dodd-Frank; EMIR; FATCA; IFRS; Russian
Sanctions; Shareholding Disclosures; Solvency II; and more.
"What I hear consistently in meetings with customers spanning the globe is that
they need help to meet the numerous regulatory challenges and opportunities
their enterprises face," said Marion Leslie, managing director, Regulatory,
Pricing and Reference Services for Thomson Reuters. "Data management is at the
core of the challenge and we are working with our customers to provide practical
solutions that leverage data commonalities across multiple regulations in order
to advance global business."
According to the report, asset managers are currently the frontrunners in terms
of progress. They lead the pack as the type of institutions most likely to have
a strategic regulatory data management approach in place. Banks, insurers and
asset servicers are beginning to change their mindsets, operating with a
strategic approach to some, but not all, regulations. Geographically, financial
institutions in Asia-Pacific are more likely than their European and North
American counterparts to have consolidated regulatory data management models in
operation.
The Thomson Reuters report is released as financial institutions face increasing
pressure to comply with multiple and varying regulations. The pace of regulatory
reform in recent years -- coupled with high penalties for non-compliance -- has
left many institutions 'firefighting' when it comes to organizing the data and
information required to adhere to new rules.
The report shows that change is on the horizon. With many regulations requiring
similar or complementary data sets, organizations are re-evaluating existing
regulatory information and workflow arrangements with a view to consolidating
current content and developing a more harmonized approach.
Report highlights:
* 95 percent of financial institutions participating in the underlying survey
agree that there are significant benefits to be gained from a harmonized
approach to data management for multiple regulations.
* 29 percent of Asia based respondents stated they are taking a strategic
approach to regulatory data management, compared with 18 percent in Europe
(inc. UKI) and just 13 percent in North America.
* The biggest benefit was seen as consistency of data across the business (79
percent of those surveyed), followed by organizational efficiencies (63
percent), cost savings (50 percent) and reduction in data sources (44
percent).
* The data types seen as offering the biggest return on effort, based on their
level of commonality across regulations, were identifiers (such as the Legal
Entity Identifier) and classifiers, followed by credit ratings and pricing
data.
* Despite the benefits, the gap between the ideal and reality is wide. Only
12 percent of respondents currently have a fully strategic approach to
leveraging regulatory commonalities.
* The biggest barriers to progress are organizational and cultural - the scale
and complexity of firms makes it difficult to adapt to new regulatory data
management models. Cost and a lack of data definition and consistency also
hamper efforts to move towards more harmonized approaches.
* Nonetheless, a clear shift is underway. Efforts to work strategically across
regulations will increase at 88 percent of financial institutions over the
next two years.
Thomson Reuters is helping financial institutions adopt a more harmonized
approach to data management. In doing so, organizations can become more
efficient, cost-effective and gain exposure to fresh insights that drive
improved risk management, capital allocation and business opportunities.
The report is available for free upon completion of the new Thomson Reuters
Multi-Regulatory Data Commonalities Diagnostic Tool. The interactive tool takes
less than three minutes to complete and provides market practitioners with a
personalized regulatory analysis report that offers key insights on regulatory
data commonalities and guidance on how to improve data management practices for
compliance. Click here to complete it and get a copy of the report.
Thomson Reuters
Thomson Reuters is the world's leading source of news and information for
professional markets. Our customers rely on us to deliver the intelligence,
technology and expertise they need to find trusted answers. The business has
operated in more than 100 countries for more than 100 years. Thomson Reuters
shares are listed on the Toronto and New York Stock Exchanges. For more
information, visit www.thomsonreuters.com.
CONTACT
Ilya Hemlin
Thomson Reuters
PR Specialist, Financial & Risk
Office +1 646-223-5532
ilya.hemlin(at)thomsonreuters.com
Mark D. Harrop
Thomson Reuters
Public Relations Manager, Financial & Risk
Office +1 646-223-7803
Mobile +1 347-803-5575
mark.harrop(at)thomsonreuters.com
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Thomson Reuters Corporation via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 18.10.2016 - 16:23 Uhr
Sprache: Deutsch
News-ID 501283
Anzahl Zeichen: 7619
contact information:
Town:
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Kategorie:
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