— 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 Including GDPR 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! here.
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.