 Why financial institutions need a master data strategy as a starting point for a RegTech strategyMurat Abur and Sarah Murphy Journal of Financial Compliance, 2019, vol. 3, issue 1, 7-12 Abstract: This paper focuses on the necessity for a master data strategy within a successful RegTech strategy. Among the issues explored are the role that a lack of data standards and an abundance of legacy technology systems played in the lead up to the financial crisis, as well as the ethos of post-crisis financial regulation and how this can positively influence a RegTech strategy. The paper also examines the largely undiscovered value of financial data and how this can be exploited, as well as opportunities beyond regulatory compliance which a master data strategy can facilitate. Furthermore, the paper consists of guidelines and practical advice on creating a data standard. Much of the knowledge presented in this paper has been derived from Suade’s creation of the Financial Regulatory (FIRE) data format. FIRE is an open-source data standard for financial regulatory data, developed by Suade with funding from the European Commission and support from organisations such as the Open Data Incubator Europe. Suade was inspired to build the FIRE data format owing to its belief that a data-driven approach to regulation is they key to preventing the next financial crisis. Keywords: data standards; regulation; RegTech; financial crisis; big data (search for similar items in EconPapers) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2019:v:3:i:1:p:7-12 Access Statistics for this article More articles in Journal of Financial Compliance from Henry Stewart Publications |
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