The big data challenge: firms must act now

In today’s regulatory environment there are numerous know-your-customer checks that need to be performed and accurate client and counterparty data checks that need to be made to ensure global regulatory obligations are met. Not only do firms need to make substantial changes to their internal processes to meet these requirements, they must ensure that the counterparty and client data they hold is accurate from the outset and then efficiently managed on an ongoing basis. Legal entity data management is far from a simple task, however, and with a swathe of risk management and investor transparency requirements due to enter into force over the coming years, firms need to give this critical activity the appropriate consideration.