Author: Tony Scianna, executive vice president, SunGard
I recently participated in a webinar with DerivSource that tackled the topic “Regulatory Readiness: The Data Management Challenge.” You can now hear the playback on the DerivSource website, and I thought I would provide a brief recap to highlight some of the key points I discussed with Anshuman Jaswal, senior analyst in the Securities and Investments Group at Celent, and Norman Brower, executive director at Morgan Stanley.
If you were listening live, you’ll know that we covered a lot during this webinar, which was moderated by DerivSource’s Julia Schieffer. From my perspective, here are some of the top takeaways:
- We are just at the tip of the iceberg here. We still don’t know exactly what the regulatory requirements are going to look like, and there are plenty of questions that can’t be answered yet.
- Regulatory risk is a critical concern for firms, even more than operational risk or counterparty risk today. Every firm knows it has a lot of work to do.
- I boiled down the data management challenge to this: Firms must be able to capture their data in as close to real time as possible, standardize, normalize, and cross-reference that data then have the ability to access it. Financial services firms have grown up with multiple silos, and breaking them down is a complicated, “daunting” process.
- Find ways to influence and shape the regulations. We had some questions about how to get involved, and the panel mentioned industry groups like the EDM Council, working groups such as the SIFMA Technology Work Group, and conferences like those put on by the Financial Information Management Association. Also a great resource: requests from regulators and responses from the industry groups, such as SIFMA and the FIA, which you can find on sites such as the SEC and CFTC.
Did you attend this webinar? Do you have any questions about the data management challenge that you haven’t been able to ask? Continue asking your questions and offering your perspective in the comments below.