New technology trends are buzzing in (and even fading out) fast
these days, as firms wrap their heads around the likes of
artificial intelligence and machine learning and blockchain. But
the underlying paradigm shift is now universally noticed and
understood: data has exploded in volume and quality, and the
current wave of technology is all about harnessing it.
Banks are generating huge volumes of data that must be properly
maintained in accordance with many new regulations—but many
banks are still working to implement the eleven principles of
effective risk data aggregation and risk reporting introduced by
the Basel Committee on Banking Supervision (BCBS 239), effective
since February 2016. Frankly, many banks are facing a data overload
and are unable to structure and outfit it in a meaningful way. They
are feeling the lack of proper governance or data management
systems, intensified by increasing customer and regulatory demands
for more and granular information.
