Avoid regulatory fines with better data flow governance
Problem Statement
A growing number of Financial Institutions are receiving regulatory fines because they cannot prove how their data is sourced, transformed and versioned. Current approaches are not sufficient:
- Poor documentation tools
- Disconnect between reported figures and source data
- No transparency of data transformations
- Not auditable
How Financial Institutions are Addressing this Problem
Financial institutions are recognising the need for enhanced data flow governance capabilities. These capabilities allow model and report owners to manage regulatory risk by giving them control over enterprise data flows. Using an integrated documentation platform, they can confidently approve regulatory models and reports — providing critical assurance to both regulators and auditors.
Three benefits of Integrated Documentation Platforms for regulatory models and reporting
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Data flow library
Maintain an enterprise library of regulatory data flows needed to support all regulatory models and reporting.
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Version control and change management
Allowing institutions to track and manage changes to their data flows and models over time.
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Validation and auditability
Run multiple data sets data through models to validate data accuracy at any time.
xflow is built for
Process Owners
Increased confidence in data transformation outcomes
Analysts
Single integrated tool for analysis and documentation of process requirements
Developers
Easy to interpret development requirements
Auditors
Build rapid understanding of complex data flows
Management
Reduced time and cost of process change