Regulatory compliance is getting stricter for businesses operating all across the world. Whether it is in the FInancial/Banking/Insurance sector, Healthcare sector, Consumer Privacy space and pertaining to Cybersecurity, new laws are being put in place, old laws are being enforced more strictly and the firms are finding themselves in the spot where they need to be Compliant in order to avoid fines, penalties, criminal prosecution and/or jail time. Even companies in less regulated sectors who had never needed to worry about regulations now have been awakened to stricter regulatory regimes.
Behind all these regulations and requirements, the regulator’s goal is to make sure that the companies are able to assume full responsibility for the information provided by the companies to represent reality. Compliance can no longer be achieved by treating it as an exercise of ticking boxes and companies are struggling to meet the different set requirements and faster turnaround times for periodic reporting. The options are for companies to establish full and central control over their data/information supply chain or to set aside a significant part or their financial assets to offset risks related to non-compliance.
Understanding the data/information supply chain assets required for regulatory reporting or to meet other regulatory requirements is the foundation to set up and provide data to support any compliance initiative in parallel to being able to provide audit trail for external verification. Establishing actual governance over information assets in a large organization is a massive undertaking as the information is spread out between technical systems, some of which are constantly updated, and the insight to the meaning of data is often siloed and compartmentalized. Traditional methods for maintaining central oversight over information are either inefficient, extremely costly or will hinder all technical development to a pace that will not meet the business requirements.