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
- SPLUNK SOC Analyst level 3, London.
SPLUNK SOC Analyst level 3, Must be able to commute to the City of London. Onsite role. Security clearance needed. The SPLUNK SOC Analyst level 3 must have current experience working within a SOC environment with specific experience using a range of tools and techniques to investigate security incidents. Current experience with Splunk is essential. any additional experience Individuals with Elastic Security SIEM are highly desirable. Any of the following certifications are desirable Splunk Phantom certified admin, Splunk Core Certified Power User / Advanced, Splunk Certified Enterprise Security Admin, etc The role will include, but not be limited to working with sophisticated information security tools, investigating security incidents, incident management, technical escalation, process improvement, research into the latest threats, reporting etc The individual MUST currently be living in the UK and be able to achieve UK security clearance. (SC) This is a permanent role To arrange a call with Chris Holt https://calendly.com/chris-holt/arranged-call-with-chris-holt-elastic-siem-engineer-soc Chris.Holt@dclsearch.com
- ISO 27001 & Business Continuity Security Specialist, End User
- United Kingdom
CH7828 ISO 27001 & Business Continuity Security Specialist, End User, £70,000 United Kingdom ISO 27001 & Business Continuity Security Specialist needed to join a Cyber team within an end user. The ISO 27001 & Business Continuity Security Specialist will have end to end responsibility for the information security and Business Continuity management system. ISMS/BCMS. Both from an information security and technical security perspective working alongside the CISO. Experience must include, but not be limited to; a mix of Information Security standards, frameworks, audit principles, controls / policies and the management and use of the technical tooling to achieve compliance. ISO 22301, ISO 27001, NIST Cybersecurity Framework etc An ideal candidate will be working within an end user environment with a cyber consultancy background. Experience taking a company through accreditation is highly desirable Experience managing internal stakeholders, technical teams and external third parties essential Flexible working, very occasional travel to London office This is an exclusive role to DCL Search & Selection. Looking to interview immediately. https://calendly.com/chris-holt/iso-27001-business-continuity-security-specialis
- PCI- DSS Security Consultant, End User
PCI- DSS Security Consultant needed to join a Cyber team within an end user. The PCI- DSS Security Consultant will have end to end responsibility for PCI - DSS and its continuing certification. Both from an information security and technical security perspective working alongside the CISO. Experience must include, but not be limited to; a mix of Information Security standards, frameworks, audit principles, controls / policies and the management and use of the technical tooling to achieve compliance. PCI objectives / 12 key requirements, OWASP top 10, ISO 27001, NIST Cybersecurity Framework etc An ideal candidate will be working within an end user environment with a cyber consultancy background. PCI Cloud compliance, specifically someone with experience taking PCI-DSS from on premise into the cloud is HIGHLY desired. However, someone with Solid PCI experience with a strong technical background which include Cyber / Secure by design etc would be considered. Experience managing internal stakeholders and external third parties essential. Flexible working, but with the ability to get into London. This is an exclusive role to DCL Search & Selection. 1st stage interviews to happen the week of the 14th September Arrange a call with Chris on https://calendly.com/chris-holt/arrange-a-call-chris-dcl-pci-compliance
- IAM Contractor CyberArk
Identity & Access Management Architect Contractor Flexible • Extensive PAM / IAM experience required, • MUST have CyberArk and or Beyondtrust. Privileged access management • Technical review, recommendation, design and hands on technical delivery. • 6 month contract Arrange a call with Chris Holt https://calendly.com/chris-holt/arranged-call-with-chris-holt?month=2020-09