{"id":1993,"date":"2015-05-18T09:02:17","date_gmt":"2015-05-18T01:02:17","guid":{"rendered":"http:\/\/www.indataweb.com\/?p=1993"},"modified":"2024-09-20T10:32:57","modified_gmt":"2024-09-20T18:32:57","slug":"data-governance-needed-for-effective-compliance","status":"publish","type":"post","link":"https:\/\/www.indataipm.com\/data-governance-needed-for-effective-compliance\/","title":{"rendered":"Data Governance Needed for Effective Compliance"},"content":{"rendered":"<p>Interesting article in FundFire recently regarding compliance.\u00a0\u00a0 Apparently, there is between a 25% and 40% rate of error in the coding of compliance rules within the typical investment management firm.\u00a0\u00a0 If true, this is indeed a \u201cshocking\u201d statistic as the title of the article effectively conveys.\u00a0 In delving deeper into the article, however, it seems that the firm creating the headline is an industry consultant in the business of evaluating the compliance rules libraries for investment firms, which certainly might call into question such a sweeping assessment.<\/p>\n<p>While hiring third-party firms to evaluate compliance rule libraries is certainly an option for firms who are concerned about their compliance systems, it is a reactive approach at best. \u00a0\u00a0A more proactive approach is for investment management firms to adopt data governance procedures internally and look at the firm\u2019s compliance data requirements on an enterprise basis.\u00a0\u00a0 Getting to the root of having effective compliance can be largely a matter of analyzing the underlying data itself and many compliance issues stem from the age old \u201cgarbage in, garbage out\u201d problem.\u00a0\u00a0 This is where technology can help.\u00a0\u00a0 By adopting EDM (Enterprise Data Management) tools, investment managers are better able to make sure that the data used for their compliance systems is accurate and up to date.\u00a0\u00a0 This, combined with the regular back testing of compliance rules, can prevent minor issues from becoming major problems.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Interesting article in FundFire recently regarding compliance.\u00a0\u00a0 Apparently, there is between a 25% and 40% rate of error in the coding of compliance rules within the typical investment management firm.\u00a0\u00a0 [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":2894,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_stc_notifier_status":"sent","_stc_notifier_sent_time":"2022-08-25 22:26:49","_stc_notifier_request":false,"_stc_notifier_prevent":false,"_stc_subscriber_keywords":"","_stc_subscriber_search_areas":"","content-type":"","footnotes":""},"categories":[100,126,38,31,41],"tags":[85,50,86,87],"class_list":["post-1993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog-articles","category-compliance-category","category-data-management","category-oms-front-office-category","category-technology","tag-coding","tag-compliance","tag-edm","tag-enterprise-data-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Data Governance Needed for Effective Compliance<\/title>\n<meta name=\"description\" content=\"Apparently, there is between a 25% and 40% rate of error in the coding of compliance rules within the typical investment management firm.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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