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RegTech and Data Mining eNewsletter Autumn 2018

In a regulatory environment with high levels of scrutiny and complexity, the need for a RegTech approach to lower costs, increase efficiency, drive positive customer experience and adhere to regulatory compliance, is a major concern for the financial services firms.

Earlier findings by McKinsey & Company, showed the need to consider data risk as a key to the risk taxonomy, linked to a data control framework. Enhanced data governance and operating models improve the quality of data, make risk and business decisions more consistent, increase transparency and help firms to proactively address any concerns.

Furthermore, data mining and analytics also support RegTech solutions according to Deloitte. The use of machine learning and behavioural analysis will offer the potential of powerful data mining and simulation techniques for enriched decision making along with artificial intelligence.

One of the main challenges that risk managers highlighted in McKinsey & Company’s survey is the lack of easily accessible, high-quality data (63 percent). This underlines the need for a single holistic business model to capture a variety of data that will help the bank meet regulatory-driven data activities, support submissions to authorities and achieve highly predictive decision making, shifting compliance’s efforts from just producing reports to actual analysis of data, therefore generating better insights.

Considering the impact on organisations, early adopters of RegTech combined with data mining technologies can gain a competitive advantage. The significance of these solutions is that they leverage the existing systems and data for reporting without creating the burden of replacing or enhancing legacy systems, which can be an extremely heavy process.

Profile Software’s RiskAvert is an advanced regulatory capital calculation, data aggregation and reporting platform that combines the most comprehensive and flexible functionality, with robust technology and connectivity-enabling open architecture, to effectively address the demanding and ever-evolving compliance and reporting needs of the financial sector.

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