Our clients and contacts highlight the importance of Data Management

Our latest Point of View entitled Implementing the Next Wave of Financial Regulaton has stimulated much interest, so we decided to carry out a survey with a number of our clients and contacts to capture their opinions on the views we expressed.

From the opinions they expressed, we would draw out the following themes:

• A more established framework for Data Management is seen as the most important feature of future regulatory change pragrammes. We suspect that the frameworks that have been implemented in recent years have either been 'point' solutions or haven't kept pace with changing structures and practices. Perhaps this is the right time to update your Data Management framework with a holistic view of what's needed that truly spans the organisation and its compliance solutions? The cost benefit equation could be positive, particularly when compared with the cost of not doing this.
• Compliance isn't just about people with risk or regulaiton in their job title. More should be done to incentivise people throughout the organisation to behave and act in ways that support compliance. Once the right principles and processes have been established, it is people's actions that will determine whether a company is compliant (or otherwise). With this in mind, some organisations are introducing incentives (and penalties) into the objectives of more individuals. Are you doing the same or considering this?
• The right sponsor is another critical success factor in regulatory change pragrammes. The more senior they are, the more they can unblock barriers through the relations and authority they have. So will your Chief Executive have a role to play in the next regulatory change programme?

If you wish to find out more on this topic further, please contact: information@xayce.com