Here’s the first of a series of insights on data access, connectivity and integration considerations for financial services. Our author is Matt Gillespie, Technology Writer, Research Analyst & Journalist who writes about cloud, AI, security analytics, software-defined infrastructure, data integration and more.
If you’re involved with compliance and audit in the financial services industry, you likely spend a lot of time thinking about risk: how to mitigate the exposure you have now and how to avoid additional exposure in the future.
Among the many forms risk takes and the many sources it comes from, data availability plays a vital role. For example, there’s operational risk involved if you have siloed data that you can’t pull readily into software tools for reporting, visualization, and governance, risk and compliance (GRC). Any activities that you can’t see and report on readily are blind spots that weaken the compliance and audit process by pushing in additional business and financial risk.
Likewise, any weaknesses in the data connections that you have established are liabilities. Audit season is no time to be struggling with substandard data flows.
- You need dependable connections that put the data where you need it, when you need it, every time, to avoid costly compliance issues associated with service interruptions.
- High throughput and low latency are key enablers for analytics based on massive data stores that yield insights to power intelligent, data-driven decision making.
Data as an Asset not a Liability
The data connectors responsible for establishing and maintaining first-rate access to data probably deserve more attention than your organization is paying to them right now. And yet, you need them to just work while you get on with the business of running the business.
Data silos, unpredictable connections, and slow response times are shortcomings you can’t afford. Without the right connections, data can’t get to the applications that make it valuable. In situations like that, data is just overhead that costs you money to store and maintain without living up to its potential.
In addition, poor data connectivity frustrates analysts and other users while potentially jeopardizing your company’s compliance with mandatory requirements. And meeting audit requirements the first time around is always a better bet than trying to fix the solution later.
With the right connections, data can be moved, added and joined to provide the basis for analytics, visualizations, and reporting that drive up the quality of audit and compliance, protecting your business from significant legal, financial, and reputational liability.
Data Connectors – Small but Essential
Simba solutions deliver the essential link between front-end business intelligence applications and back-end data servers, ensuring data is available for use anytime, anywhere. That gives you confidence in being able to verify and predict the quality of your audit and compliance activities.
Data connectors might seem to be just a detail in the scope of your overall business systems but connecting a broad range of data sources to GRC systems and other applications is not optional. The reliability and performance of those connections is a fundamental requirement.
Having IT use Simba connectors, you can simplify setup of rich data connections that power audit and compliance, with confidence. And as changing business requirements emerge that mean those data connections need to evolve further, you’ll be ready for that too.
- Explore common roadblocks to data connectivity and learn how financial services organizations overcome them.
- Uncover insights about how financial services firms are improving data connectivity. Download our white paper: The Necessity of Connected Data in Financial Services.
Matt Gillespie is a Technology Writer, Research Analyst & Journalist. His content focus includes cloud, AI, IoT, security, analytics, HPC, data integration, and software-defined infrastructure. Find him on LinkedIn.