Data May be King, But Information is Imperative

by Micro Focus Employee in Information Management & Governance

Organizations in highly regulated markets face momentous change. If properly equipped, compliance and legal leaders can parlay this change into opportunity. Nilesh Patel, Micro Focus Information Management and Governance’s Head of Managed and Professional Services, provides some insights on how information governance leaders can leverage change for strategic advantage.

How can a Managed Service Provider help compliance professionals and businesses understand, report and derive value from the data boom?

 The compliance and RegTech industry is poised for an unprecedented opportunity, not only with the explosion of captured communication data generated in the course of conducting business but also with technology innovation opening the door for a consistent data framework to turn this data into actionable information.

In other words, the pallet for businesses to make smarter and more efficient decisions has just become deeper, richer, and more vibrant. Compliance professionals can be free to paint strategically; driving improved decisioning rather than being bogged down in routine and manual processing. (Providing of course they have the right Compliance Services, analytics, and automation to benefit.)

This is not before time either, especially as the regulatory compliance landscape has us asking ourselves now more than ever: How do you keep up with the rules when the pace of change means that the industry is forcing decisions that the regulations could not possibly predict?

We are Seeing Regulatory Change at a Greater Pace Than Ever Before

The bar is always moving. Now, however, it’s moving at breakneck speed.

In 2004, banks faced an average of ten regulatory changes per day. This jumped to over 150 changes daily during 2020. Those in the business appreciate that nothing is certain except for regulatory compliance change. The sheer pace of this change, however, has been relentless.

In our purview, as a Managed Services provider to some of the largest financial services institutions, it's obvious that COVID has become an accelerant similar in scale to Dodd-Frank before it. Indeed, by a recent Financial Conduct Authority (FCA) measure, COVID has triggered some 7,000 changes in regulations globally. What’s more, it’s not just the letter of these regulations that compliance professionals need to stay cognizant of but their spirit. Decisions need to then be made based upon this.

Your Data is Central to That Understanding

If data is the new oil, then technology is the enabler to gain access to its large reservoirs. This said, it’s only with expert-driven compliance services that organizations can turn this data into real insight. The Micro Focus Managed Cloud Services group was built with this in mind, leveraging talent with over 22 years of hands-on data and regulatory compliance consulting experience to focus on the output of practical implementations rather than the innovation theatre that clouds the current landscape.

We are here to help and yes, technology is amazing. But if you can’t explain your controls to a regulator, what’s being produced by a clever algorithm, or why it matters to the decisions that have been made, you’re not going to pass risk governance.

The Stakes are High, But So is the Value Proposition

Six of the largest US banks have paid nearly $200 billion in regulatory fines among them over the last 20 years. The US issued $4.3 billion in fines in 2020 alone. Cross-industry regulations such as GDPR further up the ante, with Amazon the latest facing an eye-watering $877m fine. The cost of non-compliance can only be expected to increase, and even these fines and penalties are dwarfed by the cost of reputational and brand damage.

There’s a clear mandate for deriving the best insights you can from your data, using a taxonomy consistent with your regulatory workflows for easy and expedient reporting and surveillance. However, it’s not just in this space where an organization can derive business value. Compliance archives such as Micro Focus Digital Safe store every single message of Bloomberg for a capital markets-driven bank, where Managed Services Connectors are licensed. There’s a key value-add for the front office in interrogating this data for indications of interests, insights into the activity of the sales force, conversion rates, and slippage.

Once you start expanding these to encompass the full range of communications your organization uses, the Managed Cloud Services team can help you archive in a single, consistent data framework. With this, you can start to uncover other bottlenecks and inefficiencies throughout the org. Breaking through these inefficiencies can catalyze productivity and innovation in a world where remote working has disrupted collaboration systems optimized for office-based interactions.

We'd Love to Talk With You

How can your business benefit from the injection of Managed Services expertise?

We have illustrative use cases based upon solving real-world problems for our clients, and as the only Managed Service Provider team steeped in PB’s of Data and cloud Consultancy solutions, we’d love the opportunity to answer what we can do for you, your data strategy, and your unique information imperatives.

For more information visit our Managed Services web page or contact us directly at askmanagedservices@microfocus.com

Labels:

Data Protection
Information Governance
Information Management
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