Regulations impacting corporate actions and best practices for implementation

Deborah Culhane

Journal of Securities Operations & Custody, 2014, vol. 7, issue 1, 36-41

Abstract: Financial services firms continue to grapple with increasing levels of risk and growing regulatory challenges, forcing these firms to fundamentally rethink their data management, information sourcing and validation strategies. Firms are required to adopt more rigorous risk assessment and reporting capabilities, meaning they must also adopt more strategic data management and data quality programs. For example, The Basel Committee on Banking Supervision (BCBS) proposed the BCBS 239 ‘Principles for effective risk data aggregation and risk reporting’, which encourages firms to address these processes from a more consistent and aggregated view of risk. Another is the Legal Entity Identifier (LEI), which addresses the lack of a global standard for financial transaction identification at the entity/counterparty level. The benefits of complying with BCBS and broader leverage of the LEI are clear. And while some firms may be able to develop the internal infrastructure to address these regulations, other firms may choose to outsource the integration of new data management and workflow systems to a third party provider for the best result.

Keywords: risk data management; data quality; regulation; financial transactions; data aggregation; information sourcing (search for similar items in EconPapers)
JEL-codes: E5 G2 K22 (search for similar items in EconPapers)
Date: 2014
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