Reporting on good data Big
Analysing data to identify potential non-compliance is not a new concept, but traditionally it has been limited by the out-dated manual processes of analysing structured data—such as spreadsheets and database records.
The responsibility is to ensure that what firms report to regulators is true and accurate, but that requires having true and accurate data to start with. Good data doesn’t revolve around how much data you have, but what you do with it.
The use of purpose-built technology to identify, monitor, act
Deploying purpose-built technology to identify and stop fraudulent and non-compliant issues arising is paramount. Using curated data lakes, advanced data analytics, and powerful applications developed with proven domain expertise, compliance officers can easily find and fix compliance issues.
These purpose-built solutions that can crunch data at any volume, and through in-built analytics detect patterns and irregularities, firms will be able to proactively investigate risk events, non-compliance and fraudulent actions and behaviour.
Using a data-focused approach to monitoring of business activities will help firms achieve improved data management, more efficient and detailed audit trails, reduced risk of fines and sanctions, and more accurate reporting.
Call us to find out how we are helping firms manage compliance-related events: +44 (0)44 203 893 7573