Strategies For Going Forward In A Highly Regulated Banking Environment (Strategy Focus)
Datamonitor
June 14, 2006 9 Pages - SKU: DFMN1319063
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Introduction
This brief looks into the strategies, policies and procedures that banks are currently driving forward for regulatory compliance purposes and which strategies, policies and procedures they should be adopting.
Scope
- Regulatory compliance coupled with globalization as well as M&As are among the key drivers for banks seeking to manage information better.
- An increasing number of banks are looking towards information lifecycle management solutions in order to comply with differing laws and regulations.
Highlights
Regulatory compliance should be an enterprise endeavor
SOX and the USA Patriot Act are driving the adoption of data management protocols
Compliance will drive the need to implement ILM strategies
Reasons to Purchase
- Vendors can tailor their product offerings by assessing and analysing which regulatory compliance strategies banks are adopting at present.
- Vendors can better align their go-to-market strategies with banks' regulatory compliance strategies.
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- DATAMONITOR VIEW
- CATALYST
- SUMMARY
- ANALYSIS
- Regulatory compliance should be an enterprise endeavor
- Investors are driving holistic compliance trend
- Centralized services are necessary and should be pushed down from senior management
- Firms should set up a deliverable that satisfies multiple compliance needs
- Data standardization can help FSIs comply with more than one regulation
- Assessing an organization's compliance needs must be conducted in-house
- Regulations are not specific about which technologies can achieve regulatory compliance
- A key benefit of enterprise-wide / holistic compliance is consistency
- SOX and the USA Patriot Act are driving the adoption of data management protocols
- Growing regulatory compliance initiatives are expanding the roles of compliance and risk personnel
- Data management policies and procedures need to be pushed from upper management
- Compliance will drive the need to implement ILM strategies
- A coordination of relevant ILM tools and solutions is required
- ACTIONS
- FSIs should strive towards holistic regulatory compliance initiatives
- Offering an ILM solution
- APPENDIX
- Extended methodology
- Further reading
- Ask the analyst
- List of Figures
- Figure 1: Regulations that are driving the adoption of data management policies and procedures
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