25 Jul APAC CROs worry over bad data
By Fintech Innovation Editors
July 21, 2017
An AxiomSL survey of 132 senior-level risk and regulatory executives in North America and Asia-Pacific (APAC) in June 2017 revealed that regulatory challenges continue to be top of mind among respondents with nearly half indicating intent to increase investment in risk and reporting compliance solution in 2017.
Among respondents in APAC the primary challenge is allocating the necessary resources and capital (66%). Fifty-nine percent of APAC respondents said improving data aggregation and reporting is another top concern, and 57% selected adapting to upcoming regulatory changes.
In contrast, 66% of North American respondents cited adapting to upcoming regulatory changes as their biggest challenge within the next three years while 55% said improving data aggregation and reporting. Thirty-eight percent said allocating necessary resources and capital toward ensuring compliance.
AxiomSL CEO Alexander Tsigutkin said that despite the differences in priorities, they all agree that one of the biggest challenges is adapting quickly to upcoming regulatory changes. “To this end, firms need to ensure they have an agile technology platform that seamlessly interfaces across business functions to optimize business automation processes and controls while delivering workflow transparency and data lineage,” he added.
APAC execs having nervous jitter
APAC executives have become significantly more concerned about their organizations’ ability to comply with upcoming regulations over the last year. More than two-thirds of APAC respondents (69%) said they are more worried this year compared to last year, while just 13% said they are less concerned and 18% reported no change.
“It’s difficult to predict with complete accuracy which new regulations will take effect, and when,” said Peter Tierney, CEO of AxiomSL’s APAC region. “What is clear is that firms need to be more forward-looking and strategic, not only preparing for regulatory changes on the immediate horizon, but also investing in technology that can be leveraged and optimized to operate in a range of different regulatory climates.”
Increase tech Investment
Forty-four percent of APAC respondents said their organizations plan to increase investment, in risk and regulatory compliance solutions in 2017, compared to 2016.
When asked which risk and regulatory technology investments their firms plan to make in the next three years, APAC executives cited data management (61%) and reporting (67%). Other top areas of investment are risk and capital analytics (37%) and cloud computing (24%).
Mistrust of data
The survey also revealed doubts about data integrity with 53% of respondents in APAC said they don’t trust the accuracy of their organizations’ data. Inadequate data lineage and process governance as top reason (31% in APAC).
Originally featured in Enterprise Innovation