Why banks need to rethink data governance for effective insights?

Published on 27 November 2018
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Why banks need to rethink data governance for effective insights?

5 min read

Data is one of the most valuable assets of banks today, a privileged access which provides them with unique opportunities. However, in the digital economy and interconnected networks the pool of data is growing exponentially leading to new challenges in ensuring its privacy, governance and compliance especially as the rapidly evolving local and global regulatory requirements emerge. Not only do banks need to capture and store this enormous pool of data, a significant portion of which may be unstructured, but also ensure its quality and ability to analyse it for timely and effective business insights. Increasingly they now explore the use of emerging technologies such as artificial intelligence (AI) and machine learning to derive intelligence which can maximise the true business value from this data.

Data is one of the most valuable assets of banks today, a privileged access which provides them with unique opportunities. However, in the digital economy and interconnected networks the pool of data is growing exponentially, banks are facing a data dilemma which leads to new challenges in ensuring its security, availability, agility, privacy and governance. Not only do banks need to capture and store this enormous pool of data, a significant portion of which may be unstructured, but also ensure its quality and ability to analyze it for timely and effective business insights.

Furthermore, data security challenges have gained increasing precedence giving sleepless nights to CIOs as numerous incidents of cyber security breaches emerge in the industry inflicting severe monetary and reputational damages. Conventional data security measures are destined to fail as the threats become more innovative, fraudsters remain a step ahead while the data perimeter widens significantly with clouds and interconnected networks. The Asian Banker in partnership with Hitachi Vantara is bringing a thought leadership TAB Live session on "Why banks need to rethink data governance for effective insights?" for senior executives in the financial services industry. The discussion will focus on-

The session focused on:

Why has this challenge around data become such a big issue now for the finance industry, what has changed?
What regulations are impacting banks with how they manage data?
How can banks manage the regulatory and data challenges in their journey of digital transformation?
What are the emerging technology and operating models in data governance?

Speakers/Panellists:

Mohammed Rahim
Head - Data Governance and Policy, Standard Chartered Bank

Mohammed Rahim currently heads the data governance and policy at the Standard Chartered Bank as part of the chief data office team. A seasoned banker, he has been with the bank for over 12 years and has extensive experience in data management, governance and risk management. Prior to his current role he was heading the risk data quality at the Standard Chartered Bank.

Matthew Hardman
Director of Data Intelligence, Hitachi Vantara Asia Pacific

With over twenty years of experience Matthew Hardman has engaged the Asia Pacific region as technology evangelist, platform strategist, and product director, working for some of the leading technology companies like Microsoft, VMware, LinkedIn. Currently at Hitachi Vantara he works with a team of technical experts focused on the business of data intelligence, to help customers store, enrich, activate and monetize the huge amounts of structured and unstructured data they deal with on a daily basis.

Moderator:

Neeti Aggarwal, CFA, Senior Manager, Research, The Asian Banker

Neeti Aggarwal manages the financial technology research at The Asian Banker. With over 15 years experience in research and publication industry, she specialises in banking research, technology developments across Asia Pacific, Middle East and Africa. She regularly engages the financial services community on critical transformational issues, speaking and moderating at many of The Asian Banker's as well as partner's events. Prior to this she worked as an analyst at The Economic Times, India's largest selling financial daily.