Defining data policies and measuring compliance to policy

Written by Gary Allemann, Monday, 11 August 2014

Poor quality data and the lack of a single view of the customer are critical to ensuring financial institutions do not fall foul of either piece of legislation. Information governance therefore lies at the heart of compliance. Data governance principles, including defining data policies, identifying responsible persons, and measuring compliance to policy, need to be applied to ensure compliance with each act, while minimising the impact of compliance. By making use of a Data Governance Centre, financial institutions can not only ensure compliance, they can identify and manage conflicting and complementary policies appropriately. In addition, by taking a holistic view of compliance, rather than examining each piece of legislation in isolation, synergies can be leveraged to minimise conflict and risk while driving down the cost of compliance overall.

Legislative conflict is nothing new in the compliance space, and planning for each regulation can cost tens of millions of Rands. The centralised governance of data allows you to identify information issues such as noncompliance to policy, measure the business impact, and prioritise remediation efforts. Ultimately, this saves money while reducing risk. By examining compliance as a whole, implementing standardised technology and leveraging a broader data governance framework, financial institutions can identify both synergies and conflicts for efficient, cost effective compliance.

Professionals in the banking compliance sector will gain knowledge and learn about the new advancements and issues within the legal and compliance sector, from speakers and the workshop facilitator, Dr Johan Bosch, at the Banking Compliance Conference & Workshop taking place from 21-23 October at Focus Rooms, Sunninghill. To register, contact Thuli Ndlela, project manager on 011 803 1553 or email thuli@tci-sa.co.za. To find out more about sponsoring, marketing or exhibiting email marketing manager, Sian Wirth sian@tci-sa.co.za.

Author: Sian Wirth from Trade Conferences International.
More Info link: https://www.financialconferences.co.za/Pages/Event3.html
Twitter: www.twitter.co/tcisa

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