— Head of Compliance Infrastructure
Financial Services Company
The regulatory environment is constantly changing and this challenges the function for compliance analysts, who need to readily access any and all data as it pertains to compliance. The role of the compliance analyst is complicated and getting worse as their areas of responsibility includes monitoring and analysis of:
Fragmented Data Causes Delay in Compliance Insights
Compliance Data Analytics (CDA) Teams are the support for compliance requirements and insights. As organizations grow the burden on this team expands dramatically; but hiring more analysts doesn’t solve the problem. The problem lies primarily in distributed and siloed data. Without master data management and governance these CDA teams derive values and calculations differently from each other which compounds the problem and causes delay and confusion. One of the areas of responsibility that could be delayed is responding to subpoena requests from law enforcement agencies.
Changes to Global Regulations Complicate Matters Further
Added to the challenge is the constant change and addition of global regulations — such as GDPR which goes into effect in May, 2018. Learn more about GDPR and Unfi RegAlert! in the solution brief.
Deploy the Unifi Compliance Hub
The answer to changing regulations and compliance reporting challenges is to consolidate all data sources and provision a self-service reporting, IT-governed, data environment across the business.
With the Unifi Compliance Data Hub the organization has a single source of truth and tools that allow IT to maintain control of the compliance data; including row and column level security and data lineage features. This provides consistency of insights across data sets and improves confidence in the data being used.
Analysts have the ability to view new sources of data in hours as opposed to months that it sometimes takes. For example, the analyst can enter the name of a person of interest into the search and receive transaction data from all sources within the organization in minutes.
With the Unifi Compliance Data Hub, IT no longers needs to create ETL functions specifically for compliance tasks. Analysts are able to take advantage of Data as a Service and be self-sufficient in their compliance reporting and insights.