Tighter Rules Push Financial Firms to Break Data Silos

Financial institutions face mounting pressure to overhaul fragmented reporting systems as regulators impose more demanding standards for data quality, controls and traceability. Regnology and Chartis said separate risk, finance and regulatory-reporting operations can create inconsistent figures, duplicate work and higher compliance costs. Breaking down those silos is also critical to giving executives a reliable, enterprise-wide view of their businesses and preparing data for artificial intelligence-assisted analysis and decision-making.

In a recently released white paper, Regnology and Chartis called for the three functions to be brought under a single control framework. They advocated straight-through reporting, or STR, to connect data collection, validation and regulatory submissions with fewer manual handoffs. The approach is intended to reduce operational complexity, improve consistency across reports and create a trusted data foundation that financial firms can use for future AI applications as supervisory requirements become stricter.