Banks and Financial Institutions are by now well versed with submissions to regulators both national regulators and to European Central Bank. However the launch of Anacredit regulations, brings a new dawn to the granular level of submissions to the regulators. In a nutshell, Anacredit is applicable for all institutions which has more than EUR25,000 credit risk exposure to a counterparty. No other regulation by ECB has mandated such a granular level of data requirement by financial institutions.
The impact of the GDPR (or the General Data Protection Regulation) on data strategies is rapidly coming into focus ahead of the 25th May 2018 deadline, the date on which it comes into force.
With this in mind, I thought it would be useful to take a look at one particular element of the GDPR that is going to present both opportunities and challenges for businesses. That element is the right to data portability.
The results are in. This year’s Global Data Management Research makes for some particularly interesting reading with a clear focus on why growing customer expectation and the forthcoming regulation should be driving the need for better data management.
We are living in a world where data collection is growing exponentially, where organisations of all shapes and sizes are starting to recognise the strategic importance of data assets and not treating them as simply a by-product of business operations. Whether it is transactional information, customer behaviour patterns, logistics data, financial performance or any other form of data asset, businesses are starting to find it difficult to understand and manage data, big or small.
Having acquired a taste for self-service in the world of BI and reporting, business people want more. Now, self-service data preparation offers organisations a chance to be yet more agile while avoiding some infrastructure and technical specialist costs. In this article I will explain where I think this new market has come from, why it is relevant to all organisations, and where the benefits can be seen. In a subsequent article I will list some of the things to look for in a self-service data preparation solution.