Financial services organizations must frequently deal with compliance and reporting changes as regulatory standards evolve within the digital landscape. Although regulators allow these organizations some time to adopt these changes, the challenge of managing widening data sets across multiple data sources can quickly become overwhelming.
To further complicate matters, traditional data warehouses – built using dimensional modeling techniques – can restrict the ability of financial institutions to respond to changing technological and business needs. This lack of agility is especially problematic in an environment where regulatory bodies expect to receive a single source of truth on demand.
In the event of a data breach or attack, organizations have to prove that all the necessary steps were taken when collecting and storing data, including accurate documentation regarding the integration of disparate data sources. Failure to comply with regulatory requirements can result in significant financial penalties and considerable reputational damage.
In this article, featured in Tech Wire Asia - with contribution from Shreenath Nair, Head of Strategy APAC, Wherescape - the author explores the role of Data Vault 2.0 in supporting the ever-changing regulations in financial services.