Nick Weisfeld features in TABB Forum on Data Management

 

Last month the TABB Forum published an interview with Nick Weisfeld (Co-Head of Data Practice UK, GFT) where he discussed the latest trends and issues in data management, and what regulations are proving most troublesome.

When asked about the relationship between data management and technology Nick stated that “Traditionally organisations were split along the business, process and technology pillars with data fitting under the technology pillar. We are now seeing our clients treating data as a fourth pillar because it can no longer be seen as just a technology problem but as a business development opportunity.”

Nick added that in relation to the quantity of data “More data does not mean better data insights. In fact more data can hide true data trends. From a regulatory reporting point of view false positive or negative exceptions can hide true exceptions and mask valuable insights. Addressing key data quality issues at source can help reduce this.”

As for the regulations causing the greatest challenges, Nick argues that “The latest progress update from the BIS on BCBS239 Principles for Effective Risk Data Aggregation and Risk Reporting on 23rd January 2015 showed that despite a significant investment there was only marginal improvement in the banks assessment of their ability to meet the principles and in some cases banks reported a downgrade of their abilities.”

 

To view the full interview on the TABB Forum website, please click here.