Survey finds data quality, consistency and adequate resourcing to be top concerns
NEW YORK–(BUSINESS WIRE)–#datamanagement—AxiomSL, the leading provider of regulatory reporting and risk management solutions, today announced the results of its annual user survey, which found data management to be the top regulatory concern for risk and regulatory executives, taking precedent over both preparation for upcoming regulatory changes and upholding varied global compliance standards.
The survey, conducted in June 2019 with risk and regulatory executives from the Americas, focused on respondents’ outlook on the regulatory landscape and the impact of data management and technology on their organization’s reporting. Seventy-five percent of respondents cited data quality and consistency as their primary data management challenge while 38% citing the allocation of sufficient resources to that challenge. Nearly half of the surveyed senior-level executives plan to increase their investment in risk and regulatory technology solutions to improve their organization’s data management.
“This year’s survey results echo what we’ve been hearing in our conversations with executives across the region. While they are confident in their data management program overall, an overwhelming majority think there is room for improvement, particularly around use of talent and internal processes,” said Alex Tsigutkin, CEO and founder of AxiomSL. “As regulations continue to evolve, the volume and granularity of data used and derived from daily operations and reporting structures for firms across the globe has significantly grown as a result, and it comes as no surprise that executives cite a need for increased staff knowledge and cross-departmental collaboration as top priorities looking forward. Because of the influx of data, firms now need to incorporate a highly strategic approach into their data management. Further investments in technologies like automation, data analytics and big data mining will help support firms’ efforts to bridge these gaps and ultimately increase data accuracy.”
Risk and Regulatory Executives Focus on Technology and Talent
Overall, executives struggle to find the right talent to lead data management initiatives and build and support collaboration across different teams. With data quality and consistency top of mind for executives, 17% said they don’t have adequate staff in place to gather, maintain and analyze data. In a further review of staffing impact, almost three-fifths (60%) of executives characterized the level of collaboration between their business, finance, technology and risk management teams as “moderate and needing improvement,” while one-fourth described it as “poor with highly siloed structure and systems.”
Executives also expressed a strong desire to increase their organization’s investment in risk and regulatory technology solutions for 2020 with big data mining and analysis being the top technology focus at 56%. Just over half (52%) plan to invest in artificial intelligence, machine learning and robotic process automation, while 46% are looking at cloud computing or data analytics. Looking at the variety of technologies for investment, it’s clear that risk and regulatory executives are aware that having the right mix of technologies in place is paramount to the overall success of their data management programs and that they should work to ultimately enable more efficient interdepartmental processes.
“We work closely with our clients to provide solutions that capture and visualize their data sources end-to-end, from point of entry to the final regulatory reporting need—allowing executives and their teams to focus on the integrity of their incoming data and have full confidence in their final reports,” said Harry Chopra, Chief Client Officer at AxiomSL. “With an increasing number of financial institutions recognizing the need to understand and incorporate new technologies and invest in data aggregation, lineage and reporting; sourcing the right talent; and adapting to an ever-evolving regulatory landscape becomes paramount for continued confidence in their data management programs.”
About the Survey
This survey was conducted at AxiomSL’s 10th Annual User Conference, held in New York City in June 2019. Copyright is held by AxiomSL. For the full survey results, contact Francine Gittins.
AxiomSL is a global leader in risk analytics, data-management and regulatory-reporting solutions. Leveraging more than 25 years’ experience, AxiomSL combines its deep industry experience and intelligent data-management platform to deliver solutions and services around regulatory and risk reporting, liquidity, capital and credit, operations, trade and transactions, and tax analytics. Its client base spans regional and global financial institutions with more than $43 trillion in total assets and investment managers with more than $9 trillion in assets under management. Its coverage encompasses more than 110 regulators across 55 jurisdictions.
For more information, visit www.axiomsl.com.
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