20 Apr Going Green With Your Data: Achieving Cross-Report Reconciliation for Regulatory Requirements
The idea of “green” data stems from recognizing the challenges of the broadening and thickening interconnectedness between regulatory reporting requirements and underlying datasets. As reconciliation for regulatory requirements challenges grow in terms of vastness and granularity, and as financial institutions grapple with the regulatory impacts of COVID-19, it is imperative that they develop a better view of dataset commonalities and approaches that will help them achieve sustainable green data and cross-report reconciliation.
In this edition of the SLE series, AxiomSL describes the interconnection challenge and introduces sustainable green data best practices that enable financial institutions to:
- Establish a regulatory-reporting data framework driven by a green data dictionary architecture
- Identify critical data elements (CDE) – living building blocks of efficient regulatory reporting datasets
- Determine that data is fit for use
With a well-nurtured green data foundation, the seemingly impossible becomes achievable: financial institutions can implement reusable cross-report reconciliation methodologies that work within and across interconnected reports. In the near term, green data practices yield immediate benefits in terms of easier data sourcing and faster, cleaner reconciliation.
This places organizations on a better footing to cope with changes such as those precipitated by the COVID-19 crisis. In the longer term, going green with data enables financial institutions to develop accurate and efficient regulatory datasets that consistently:
- Meet complex cross-report reconciliation for regulatory requirements
- Reduce enterprise and operational risks
- Satisfy stringent data quality standards
- Deliver insight across datasets and functional silos, bringing diverse products (derivatives, mortgages, loans, etc.) into a comprehensive, reconcilable view
The ideas discussed in this paper can help financial institutions future-proof their risk and regulatory reporting by planting the seeds of green, sustainable data that enable them to nurture, reuse, and repurpose their most valuable resources – data and time.
Download the full paper to learn how AxiomSL’s green data framework approach can help you achieve cross-report reconciliation for regulatory requirements: