At the A-Team RegTech Summit APAC Virtual on Thursday 4 November, we joined experts and industry leaders to explore the current regulatory environment in Asia Pacific, as well as how and where it will continue to evolve with the help of RegTech innovations.
During a panel discussion on what the new pan-APAC reporting environment will look like and how financial institutions should be preparing, the audience was asked what they consider to be the biggest data management challenge in regulatory reporting. The poll results made it clear that the greatest challenge for most is legacy systems and processes (42%), followed by poor data quality (25%).
In this panel, Solidatus Co-CEO Philip Miller explained why data lineage is such an important factor when it comes to regulatory compliance, how RegTech solutions help to address data quality and consistency issues, and why there needs to be continued push for global standards to align to regulatory reporting:
"All regulators want markets to operate safely, and that wont happen whilst there is an inconsistent approach with standards."
Listen to Philip's insight from the panel here:
Later on during the Summit, Solidatus CDO Lorraine Waters caught up with A-Team Editor Sarah Underwood to chat through one of our favourite topics: lineage-first.
Together, they looked at:
- The challenges of regulatory data sourcing and management for compliance
- The importance of data lineage, governance and quality
- How a lineage-first approach can ease compliance and deliver business benefits
"When you understand the data blueprint of your organisation and see where data flows in, where it flows to and how it can be transformed into various key business processes, key outcomes - that's when you can harness the data to deliver better outcomes."
The best way to achieve this? A lineage-first approach. Data lineage is the end-to-end control and visualisation of data, and identifying the flow of data and building out lineage across the organisation helps you to understand where there are control weaknesses and, importantly, how to fix these weaknesses across the flow.
"You can’t keep doing the same thing and expect a different outcome. Instead of the old fashion way of doing data management , try lineage-first."
Watch Lorraine's fireside chat on-demand now:
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