A new paper from the SWIFT Institute published today highlights the many uses of big data analytics by financial organisations to meet evolving regulatory and compliance requirements.
The paper, entitled ‘The Role of Big Data in Governance: a regulatory and legal perspective of analytics in global financial services’, explains how financial firms are using the latest and most effective forms of analytics in the wake of increasing regulatory mandates. The paper, prepared by Dr. Daniel Gozman from the University of Reading, and Professor Wendy Currie and Dr. Jonathan Seddon from Audencia Nantes School of Management, also cites two case studies as examples of how these analytical tools are influencing operational risk and practices within organisations across the financial services industry.
“With 2.5 quintillion bytes of data generated daily and regulators requesting more data from organisations, analytics have a big role to play”, says Peter Ware, Director, SWIFT Institute. "The research dives into unchartered territory, highlighting the challenges and opportunities for financial organisations using business intelligence tools to improve operational efficiency and compliance.”
Highlights from the research include:
”As the use of big data analytics within financial firms becomes further embedded and institutionalised, the ability of firms to facilitate analytics and reduce related costs and overheads through information governance will become increasingly important,” explains Professor Wendy Currie, Audencia Nantes School of Management. “Firms that are able to become masters of their own data and conquer challenges related to volume, velocity, veracity and variety will be able to draw a competitive advantage through enhanced strategic decision making and increased operational efficiency.”
To download a copy of the paper, visit www.swiftinstitute.org/papers