Big Data in a Regulated Industry
Paul Finnes, Credit Suisse and Kate Javes, HSBC
The second breakout of the day for me was presented by Paul Finnes, Credit Suisse and Kate Javes, HSBC and focused upon Big Data in a Regulated Industry which was significant to me as a member of a Financial Services organisation but is also relevant to all Information and Records Managers where a regulator will oversee and scrutinise the work of their organisations.
Law and Legislation is constantly in a state of flux and this is an additional constraint for the professionals working in any industry that is regulated and needs to be considered when defining the policies and controls and the training and guidelines that ensure that information is managed, by those who capture, create and use information in line with legal obligations and compliance expectations.
Big data has always been around, it's just getting bigger and bigger, regulation such as Solvency II requires that financial services organisations identify records of all business transactions and when you stop and think about what that really means for an organisation in an industry such as Financial Services, it highlights how enormous a task that can be.
Key issues are
- Where is it?
- Who owns it ?
- (Both especially complicated when organisations merge and separate)
- How do we get to it?
- Do we need it?
The big question is what value does it give to the business and how we align policies that enable realisation of its value by the business whilst conforming with these Regulatory expectations?
The information challenge for a large organisation is always large, it includes the forms completed by customers, the data aggregated from the various interactions an organisation has with their customers and supplier and for some organisations this is literally billions of lines of data.
The other challenge is that the bigger an organisation becomes, the more silo'd they can be, these aren't necessarily geographical boundaries but divisional ones; often Legal and Compliance, IT, IS and Risk Management have a view or have policies that crossover into the management of information and can impact compliance with regulatory expectation.
Communication, education and advocacy is increasingly important for IRM practitioners, they have an increasingly significant role to ensure that the CEO as well as those who capture and create information understand the value of good Information and Records Management as well as their liability should things go wrong. It's becoming more usual for failure to comply with legislation to bring with it the threat of prison sentences as well as significant fines and many senior managers are unaware of this.
A strong leader and senior sponsorship is essential when gaining traction for these issues in any organisation but its the responsibly of the Practitioners to ensure that their leadership is aware and informed. It's also essential that relationships are managed well and that everyone involved is engaged and work with subject matter experts to ensure that information is available for use, is managed in accordance with their regulatory expectation and that everyone involved is aware of their responsibly for the information iChat they manage...