Season 5, Episode 7: Data governance
Jun 28, 2022•38 min
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Episode description
In the seventh episode of season 5 of the Compliance Clarified podcast, Susannah Hammond is joined by Mike Cowan to look at the compliance challenges posed by data governance.
In a digital age more than ever, firms need to embrace the fact that data is a vital strategic asset and from there build a business-wide approach to data aggregation, management, storage, security, retrieval, and destruction — in other words, build a business-specific approach to data governance. The successful governance of data will have multiple benefits one of which will be a direct improvement in the compliance function’s capacity to have line of sight to the regulatory risks being run by the business.
Links to content referenced in the discussion:
UK FCA portfolio letter warning on reporting
https://www.fca.org.uk/publication/correspondence/portfolio-letter-data-reporting-services-providers.pdf
BIS Paper No 124 - The design of a data governance system
https://www.bis.org/publ/bppdf/bispap124.pdf
UK Department of Culture Media & Sport - Data: a new direction - government response to consultation
https://www.gov.uk/government/consultations/data-a-new-direction/outcome/data-a-new-direction-government-response-to-consultation#ch1
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
In a digital age more than ever, firms need to embrace the fact that data is a vital strategic asset and from there build a business-wide approach to data aggregation, management, storage, security, retrieval, and destruction — in other words, build a business-specific approach to data governance. The successful governance of data will have multiple benefits one of which will be a direct improvement in the compliance function’s capacity to have line of sight to the regulatory risks being run by the business.
Links to content referenced in the discussion:
UK FCA portfolio letter warning on reporting
https://www.fca.org.uk/publication/correspondence/portfolio-letter-data-reporting-services-providers.pdf
BIS Paper No 124 - The design of a data governance system
https://www.bis.org/publ/bppdf/bispap124.pdf
UK Department of Culture Media & Sport - Data: a new direction - government response to consultation
https://www.gov.uk/government/consultations/data-a-new-direction/outcome/data-a-new-direction-government-response-to-consultation#ch1
The survey for the TRRI annual fintech, regtech and the role of compliance report – if you would like to take part in that please click the below link
https://reuters.az1.qualtrics.com/jfe/form/SV_9HckOjpJJTOp3EO
Further information on Thomson Reuters Regulatory Intelligence can be found at:
https://legal.thomsonreuters.com/en/products/regulatory-intelligence?elqTrackId=73370082102a4669b4d34524158b501c&elqaid=3945&elqat=2
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