As regulations continue to multiply, you can’t achieve compliance without accurate data. So, how confident are you in the integrity of your information and, more to the point, the processes that control your regulatory reporting data?
Answer just seven questions to assess your firm’s data management compliance strategy. You could be closer than you think to an approach you can trust.
THE REGULATORY DATA INTEGRITY TEST
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The data featured in this quiz are the result of the FIS Global Commercial Services (GCS) Thought Leadership Study: Trends in IT Transformation and Back Office Opperations.
We pull data manually into spreadsheets or paper documents.
C.
We use several automated solutions to gather our data.
B.
An automated service collects data from multiple systems.
A.
How do you collect the data you need to report?
Question 1
We manually review and rationalize data from spreadsheets.
C.
Some of our data is cleansed automatically; some manually.
B.
An automated solution/service cleanses all of our data.
A.
How do you format data for reporting?
Question 2
Most of our reconciliation or matching processes are manual.
C.
We reconcile data with both automated and manual processes.
B.
We use a single automated reconciliation or matching system.
A.
Which best describes your approach to validating regulatory data points?
Question 3
Two or more days with mainly manual processes.
C.
More than a day with a mix of automation and manual checks.
B.
Less than a day as part of a straight-through process.
A.
How long does it usually take you to publish notifications, forward shareholder instructions and insert beneficial owner details for a corporate action?
Question 4
We manage exceptions manually and don't always spot them.
C.
We track exceptions automatically but resolve them manually.
B.
An automated platform or service tracks and resolves exceptions.
A.
What’s your process for tracking and resolving discrepancies in regulatory data?
Question 5
We email finalized figures to authorized staff for signoff.
C.
We use a combination of workflow tech and manual processes.
B.
We assign and track tasks with an approvals workflow engine.
A.
How do you manage the review and approval of regulatory data points?
Question 6
We always buy a new system and/or employ more staff.
C.
We use existing data systems if we can – or we buy a new one.
B.
Fast – our control framework for data can handle any rule.
A.
How do you manage the review and approval of regulatory data points?
Question 7
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But could you go further? With automated data management services and a standard control framework for regulations, you can rapidly respond to every new regulation, gain economies of scale and stay competitive in a changing global market.
Let’s solve data for compliance.
YOU’RE ON TOP OF YOUR OPS
congratulations
© 2021 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 1376611
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You’re moving in the right direction, but it’s time to build a consistent data management strategy into your compliance plan. With automated data management services and a standard control framework, you’ll be in a stronger position to meet regulatory reporting deadlines and satisfy regulatory requirements with complete and accurate data. Let’s solve data for compliance.
Let’s solve data for compliance.
BUT THERE’S ROOM FOR IMPROVEMENT
GOOD EFFORT
© 2021 FIS FIS and the FIS logo are trademarks or registered trademarks of FIS or its subsidiaries in the U.S. and/or other countries. Other parties’ marks are the property of their respective owners. 1376611
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It’s never too late to get on top of regulatory data. With services that automatically collect, transform and validate data in the cloud, you can establish a standard control framework and demonstrate complete and accurate data for every regulatory requirement.
Let’s solve data for compliance.
YOU CAN GET YOUR DATA UNDER CONTROL
DON’T WORRY