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May 30, 2016 at 06:37 am EDT
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Growing demand for transparency and integrity across all business functions of a company means today's financial institutions need access to unprecedented volumes of data. In a new white paper, Wolters Kluwer's Governance, Risk & Compliance division explores how adopting a universal data model can help companies enhance operational efficiency, drive profitability, and allow business and compliance a clearer view of finance, risk and performance from a business and regulatory standpoint.
Strategic Decision-making and Single Version of Truth
Single Version of Truth (SVoT) is the practice of delivering clear and accurate data and information to a company's decision-makers, in the form of answers to strategic questions. It refers to one single view [of data] that all stakeholders agree is the real, trusted number. The purpose of SVoT is essentially the optimisation of business analytics and reporting. It ensures that everyone is looking at the same numbers; and can interpret it in the same way. Effective strategic decision-making relies upon it.
However, data sourcing, collection, analysis and integration efforts are often costly and complex. Multiple requirements from regulators who may have different needs adds further complexity. Meanwhile, competition from Fintech startups keeps the competitive pressure on.
In the paper, authors Richard Bennet and Richard Reeves explain how companies can build towards a 'Single Version of Truth' and meet the challenges of addressing multiple regulatory requirements while striving for increased profitability.
'The absence of a unified, consistent data model that underpins all data used for regulatory reporting purposes makes it difficult to achieve consistency in reporting, and in supply of data to disparate business lines,' says Richard Bennett, co-author of the report and vice president, Regulatory Reporting for EMEA at Wolters Kluwer. 'By understanding their data and quickly accessing required information, ensuring consistency of assumptions, structure and calculations, firms can shift toward a common analysis approach, ultimately creating a 'single version of the truth' across the enterprise. This, in particular, will be key for requirements related to risk data aggregation - such as BCBS 239.'
'What's clear is that reconciliation of data used for risk, finance and reporting necessarily requires a data model that solves both regulatory and business needs of the bank,' adds Richard Reeves, co-author of the white paper and vice president of Strategy for OneSumX at Wolters Kluwer. 'From an operational standpoint, a universal data model and corresponding reporting mechanism improves business agility. Achieving greater responsiveness in dealing with external supervisory requests, while attaining agility in internal decision-making processes, is a double-win that enables financial institutions to embrace best practices and realize the benefits of improved decision making and competitiveness.'
Download the White paper: In Search of a Single Version of the Truth: Adopting a Universal Data Model
Read the Press Release
Wolters Kluwer NV published this content on 30 May 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 30 May 2016 10:36:10 UTC.
Original documenthttp://wolterskluwer.com/company/newsroom/news/2016/how-a-universal-data-model-enables-companies-to-address-multiple-regulatory-requirements--drive-profitability.html
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Company Profile
Wolters Kluwer specializes in publishing books, works, reviews, press, softwares and digital contents. Net sales break down by market as follows:- tax and accounting (32.2%): A3 Software, ADDISON, ATX, CCH, CCH AnswerConnect, CCH Axcess, CCH Axcess iQ, CCH Axcess Validate, CCH Axcess Workflow, CCH iFirm, CCH Integrator, CCH OneClick, CCH PinPoint, CCH ProSystem fx, CCH Tagetik, Genya, PFX Engagement, TeamMate and Twinfield brands;- health (26.6%) AudioDigest, Emmi, Health Language, Lexicomp, Lippincott, Medi-Span, Ovid, POC Advisor, Sentri7, Simplifi 797, SoleSource, UpToDate and UpToDate Advanced;- governance, risk and compliance (24.4%): BizFilings, CASH Suite, ComplianceOne, CT Corporation, eOriginal, Expere, GainsKeeper, LegalVIEW BillAnalyzer, Lien Solutions, OneSumX, Passport, TSoftPlus and TyMetrix 360°;- legal and regulatory (16.8%): CaseWorx, CGE, Enablon, InView, Iter, Jogtár, Jura, Kleos, Legal Intelligence, Legal Monitoring, Legisway, LEX, Navigator, NotaioNext, ONE, Progman, RBSource, Schulinck, Simpledo, VitalLaw and Wolters Kluwer Online.The group's contents are marketed under the form of publishing on paper, electronic flow and CD-Roms.Net sales are distributed geographically as follows: the Netherlands (3.7%), Europe (24.9%), North America (63.7%), Asia/Pacific (6.1%) and other (1.6%).
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2024-07-31 - Q2 2024 Earnings Release
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Euro STOXX 50 Index , STOXX EUROPE 600 (EUR) , AEX
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14
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