Forget the 1850’s California and Alaska gold rushes; today’s hot commodity is data. Today, Tom talks with AxiomSL’s CEO Alexander Tsigutkin and Senior Vice President of Project Management Varun Singhal about data analysis and reporting in the age of Big Data and how their new Controllerview® tool can help financial institutions keep up with the shifting demands of new regulatory frameworks.
- In today’s world, anything and everything can be rendered into a data table; collection is easier than ever. But when it comes to finance, compliance, and ROI’s, knowing how to use your data effectively is of paramount importance.
- When it comes to data analysis, quality is just as important as quantity. Alexander sketches a picture of how data plays into the business space and provides a description of a new area of specialization called data integrity and controls.
- Alexander lays out the three most important characteristics of using data in a financial and business context and why having a quality data integrity and control program can be a game-changer.
- Velocity and volume: Data is collected faster than ever in massive amounts and can be used to garner a greater range of insights than ever before.
- Veracity: What is the truth of all the data you’ve collected? How accurate will those insights be?
- Similar to day-to-day business operations, chain of custody is extremely important in ensuring quality. The most fool-proof and veracious data insights will have a clear and vetted lineage. Varun explains why data lineage is so important from a regulatory perspective and what it looks like in an audit situation.
- Tom asks Alexander and Varun about AxiomSL’s innovative Controllerview® system that gives company’s new data and reporting tools but also offers a consolidated view of their compliance program – which streamlines processes considerably (velocity).
- Piles and piles of data! How does AxiomSL help their clients manage the sheer volume of data required throughout regulatory and compliance processes? Alexander shares some examples of the intensive regulatory demands that financial institutions must meet in the modern age and how AxiomSL’s tools – such as real-time data processing and reporting – can optimize compliance endeavors.
- Beyond catching money laundering or tracking cash flow, Tom sees applications for AxiomSL’s data tools in areas such as product supply chain or sales. Alexander agrees and describes how large financial institutions can use these technologies for a variety of other areas.
- You know what an ROI is but what is a RODI? Alexander describes the concept of Return on Data Investment and its significance in the context of the modern data-rush.
Do you struggle to demonstrate the business value of compliance? Do you find it difficult to stay current with government pronouncement and industry advances in compliance? Do you have trouble separating the compliance “wheat” of useful information from the “chaff” of useless reports, issued almost daily? If so, check out Tom’s new book, The Complete Compliance Handbook.