Big Data Analytics for Financial Services

Using Big Data Analytics for Financial Services

Datameer’s big data analytics platform provides the right combination of power, speed, and flexibility required to navigate the unpredictable waves of financial services regulatory compliance requirements successfully.

Ebook Background

About the Financial Services Regulatory Compliance Ebook

In today’s financial services industry, the pendulum continues to swing further in the direction of lower risk and higher regulation. Ever-expanding and shifting regulations continue to increase the time and cost of regulatory compliance and reporting. DoddFrank, BCBS 239/RDARR, and CCAR are just a few of the latest regulations causing additional stress to financial services institutions.

DataOps Process: Data Platform Capabilities

Built to Handle the Complexities of Big Data

Integration. Preparation and Analysis. Visualization.

Datameer in Action

Using Datameer’s end-to-end self-service cloud data analytics.

INDUSTRY OVERVIEW

Business Challenges – Each new industry regulation and associated deadline creates a wave on the corporate data lake. Consequently, banks must continuously improve their analytics to meet new reporting, data aggregation, and data governance requirements. For these reasons, compliance efforts and related analytical demands consume a larger percentage of financial services operational budgets.

The Analytic Challenges – The size, complexity, and continuous change that characterizes financial services data make regulatory compliance analytics a painful endeavor. Consider the many different significant data classifications, such as reference data, transactional data, operational data, and security data. The data is managed by various teams and varies widely in size, shape, and change frequency. And with every new compliance requirement, banks may need to perform other analytics and reporting on specific subsets or super-sets of this data.

The Solution – The current power of data analytics in the cloud saves the day. Modern cloud data analytic platforms can manage and analyze extreme data volumes far more effectively and at a fraction of the cost of traditional approaches. They can easily integrate multiple, diverse data sources and analyze large volumes of data in minutes rather than months, dramatically reducing compliance analytic cycle times.

ENHANCING REGULATORY COMPLIANCE

Basel III Compliance – Using Datameer, the data quality initiative team at a leading retail bank analyzes trillions of records, resulting in approximately one terabyte of reports per month. Team members used Datameer to create a data quality dashboard and posted the analysis results to ensure regulatory compliance reporting accuracy.

BCBS 239 Compliance – A leading investment bank uses Datameer to satisfy the data quality and accuracy principle of the Risk Data Aggregation and Risk Reporting (RDARR) requirement. Data from upstream systems are used to calculate metrics, and indicators related to all forms of risk are consolidated into Datameer and analyzed against reference data sources.

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