THE GROWING IMPORTANCE OF BIG DATA ANALYTICS IN COMPLIANCE REPORTING FOR FINANCIAL SERVICES
Advancements in technologies and ever-growing and changing regulations have created a more challenging landscape for today’s financial services industry. From adhering to financial compliance requirements to managing global tax function, several financial institutions or banks are subjected to heavy fines and penalties.
Looking at how compliance reporting is being done right now, most would find it to be a significantly manual, multi-step, severe process that lacks transparency. However, there is an intrinsic need to formalize this process in the financial services domain. Most banks or financial services providers are now seeking technologies that can streamline the painstaking compliance requirements as traditional approaches require longer processing times to simplify and evaluate the huge amount of data essential for regulatory reporting.
This is where Big Data comes into the scene and rescues the banks and financial institutions. The current big data solutions, compared with traditional approaches, can very effectively incorporate multiple, distinctive data sources and assess massive data volumes, lessening compliance analytics cycle times from weeks to days. Most big players in the financial services market globally are leveraging next-gen big data analytics to faster, robust and exceptional regulatory compliance analytics delivery.
Recently, PwC has developed a suite of services, named Managed Services, aimed at a holistic approach to data management, analytics, and reporting functions. The platform designed to specifically address challenges within finance and tax.
As data is classified into different types and encompasses reference data, transactional data, operational data, and security data, they significantly differ in terms of size, shape, frequency of change and each of these data types needs to be managed precisely.
For many banks, particularly the smaller ones, the high cost of meeting regulatory requirements is also an encumbering thing. And violations of these requirements are even expensive and sometimes exorbitant for smaller banks that make lesser capital than larger banks. So, big data analytics can provide more fiscally beneficial in the long run against the potentially billions of dollars in fees and fines over small errors.
Why is Regulatory Compliance Reporting Significant?
In today’s global business environment, regulations are changing with the political winds, which means companies must keep up-to-date with these developments and adapt their business practices accordingly to remain on the right side of the law. Compliance reports provide detailed accounts of a business’s progress on particular or collective compliance initiatives, which can give a comprehensive summary of the company’s compliance efforts.
Compliance reports also classify areas within the company where compliance initiatives are being adhered to effectively and those areas wherein more work is needed to meet the regulatory standards or internal controls.
Industry: Data Center
- Penetration Tester, UK based. Ability to achieve SC clearance
- United Kingdom
Experienced Penetration tester- UK based with the ability to achieve SC clearance. On-going training and development and paid certifications / renewals. Interested to hear from all areas of penetration testing, web app, infrastructure, mobile, etc. MUST have current hands on experience delivering penetration testing. Ideally from a consultancy background with experience working with multiple clients. OSCP / CREST / CHECK / Tigerscheme penetration testing experience / certifications desirable. Apply today for more details. All information kept in the strictest of confidence.
- Senior Data Privacy Specialist, London. CIPT
REF CH7875 £60,000 Senior Data Privacy Specialist, London. CIPT Senior Data Privacy Specialist needed to help advise client on project and programmes relating to Data Privacy and compliance. UK based role. Ideally looking for someone that has a strong appreciation of technology and Data Privacy that can work with clients to develop or enhance their strategies, policies, processes and techniques to manage cybersecurity risks while enabling business driven data. Certified Information Privacy Technologists (CIPT), Certified Information Privacy Professional/Europe CIPP/E experience and or certification highly desirable. Specific experience within the healthcare industry is of particular interest. All details kept in confidence Apply today for more information
- Cyber Security lead Managing Consultant, Healthcare
REF CH7874 £120,000 Cyber Security lead Managing Consultant, Healthcare, Public Sector. UK Cyber Security lead Managing Consultant with a specialisation in healthcare needed. The Cyber Security lead Managing Consultant will identify, engage with, consult and deliver key and critical cyber focused programmes and projects into healthcare clients. To be a success in the role you will be able to identify and engage with clients building pipelines of new business opportunities. A key part of your role will be to engage with new and existing clients to win new business opportunities- this role is revenue generating. Consulting experience around digital cyber transformations, Governance, Risk & Compliance, Critical National Infrastructure programmes, Managed Detection and Response etc are key. NIST, ISO27001, etc Team management, , identifying Cyber Risk, UK based, Permanent position. The ability to achieve UK security clearance is a perquisite. All details held in confidence. Apply today for more information.
- CONTRACT outside IR35 - SENIOR Security Analyst level 3.
- United Kingdom
- competitive day rates
REF CH7873 CONTRACT 3 month rolling outside ir35 SENIOR Security Analyst level 3. London ideally- but flexible SOC SIEM experience essential. Broad cyber hands on experience should include Threat hunting, Detection, Phishing, Malware etc Scope of engagement · Managing / running BAU tasks (Organising and assigning workloads to the Tier 2 analysts) · Working with the various security tools (Creating documentation to support the use of these tools) · Support Incident Management activities (Work with the incident managers when an incident is identified) · Support Incident Response activities (Recommendations and support remediation activities without completing these activities) · Be technical point of contact to the wider business on security related issues (SME within the team on security related issues) · Train the SOC Analysts (Continuity of service - knowledge transfer to the T2 analysts ) · Working with the Security Engineers on: (Use Case Development Identifying scenarios and developing the use case for the engineering team to deploy Identifying rules and alerts triggered to be fine-tuned by the engineering team) · Recommendations for dashboard creation (Working with the engineering team to identify potential dashboards to create) · Creating, maintaining and uplifting documentation (Playbooks, Process Documentation) · Drive improvement across the estate (Support Vulnerability Management activities and provide enrichment where possible) Any of the following certifications are desirable Splunk Phantom certified admin, Splunk Core Certified Power User / Advanced, Splunk Certified Enterprise Security Admin, etc The individual MUST currently be living in the UK and be able to achieve UK security clearance. (SC) Looking to interview immediately. Arrange a call https://calendly.com/chris-holt/arranged-call-with-chris-holt-soc-role- Chris.Holt@dclsearch.com