The aftermath of the financial crisis means
that data management will be a make-or-break concern for banks. “You will see
banks go down simply because they don’t have data discipline,” says Rasmus
Werner Nielsen, CFO of Nordea Bank Denmark.
New legislation in the US and Europe
focuses on stringent reporting. There won't be any excuses for organizations
that fail to provide the right data at the right time.
Data standards are key to achieving
compliance. To make it plain: It's impossible to comply with reporting
requirements unless you use the relevant data standards. But the heightened attention to standards
is not some kind of punishment for past misbehavior. It's simply that when you
have a number of different organizations in an industry reporting the same
information to another group of regulatory organizations, standards represent
the only viable path to compliance. There isn't the time or money not to
use standards. Computer Weekly
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