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Data collection 'could be one of many measures required by new regulations'

Rachel Wheeler Archive
Data quality has been highlighted by a report emphasising the importance of regulatory changes on the financial services industry.

A Financial Insight report suggests that all institutions' compliance processes will be tested by the legal requirements for banks and related companies, which could include data retention restrictions.

The authors state that there will need to be developments in this area to cope with new laws at the lowest costs.

"Solutions from data warehouses, to business process management and reporting tools should be well placed to pick up business," they state.

Financial Insight's Business Strategy: A Regulatory Revolution: The Devil Will Be In The Detail report highlights the importance of knowing the information they will have to collect and store in order to comply.

In other news, managing director at Get Safe Online Tony Neate has highlighted the importance of organisations backing up the information they collect to protect themselves from data loss.