STATE OF DATA PUBLISHING IN FINANCIAL SERVICES
For financial institutions, data is critical to their daily business operations. They need timely access to high-quality data, whether it is customer’s bank account information or capital calculations for management purposes. Financial institutions do not function efficiently without reliable data. Within financial institutions, data is utilized in many ways including: internal and external reporting, financial modeling, stress testing, planning and forecasting, decision-making, etc. As a financial institution grows in size and complexity, so do their data publishing needs. With this growth, their reporting requirements for management, board, regulatory bodies and shareholders increase significantly. It is critical, more than ever before, that data published to support their financial business processes are reliable, timely and accurate. Legislation and regulations are also driving significant data publishing needs for financial institutions. Recent and emerging requirements both globally and within the US include Dodd-Frank (DFA), the Capital Requirements Directive (CRD), Capital Requirements Regulations (CRR), Solvency II and Basel III, all drive the need for compliant data publishing. Additionally, regulatory requirements include the need for financial institutions to respond to an ever-increasing number of ad-hoc requests from various regulatory bodies which requires financial institutions to turn-around these data requests quickly.
Utilizing the Data Publishing Compliance service solution, Financial Services organizations can be assured that the data they collect and publish to the FDIC is accurate and timely.