Data as sword and shield: How regulated entities in the banking and securities industries can utilise data analytics to improve compliance and manage enforcement risk

Brian H. Montgomery and David Oliwenstein
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Brian H. Montgomery: Senior Counsel, Financial Industry Group, Pillsbury Winthrop Shaw Pittman, USA
David Oliwenstein: Counsel, Corporate Investigations & White Collar Defense, Pillsbury Winthrop Shaw Pittman, USA

Journal of Financial Compliance, 2022, vol. 5, issue 4, 324-334

Abstract: This article examines the role of Big Data in the regulation of the consumer finance and securities industries in the United States. Because many major international financial institutions are located in New York, this paper discusses the role of both federal and New York state regulators. These regulators increasingly rely on data to conduct risk analyses and shape examination priorities, which, in turn, can lead to investigations and enforcement actions (that are also increasingly driven by data analysis). This article also discusses regulators' expectations regarding the role of data analytics in the development of effective compliance programmes and how regulated entities can leverage data to proactively address issues before they become subject to regulatory scrutiny, and use this information during the course of examinations, investigations and enforcement actions.

Keywords: Data analytics; banking regulation; securities regulation; enforcement (search for similar items in EconPapers)
JEL-codes: E5 G2 K2 (search for similar items in EconPapers)
Date: 2022
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Persistent link: https://EconPapers.repec.org/RePEc:aza:jfc000:y:2022:v:5:i:4:p:324-334

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