Big Data Regulation In The Financial Services Industry
All week long, we’ve been previewing the information sessions to be presented at next week’s MIT Chief Development Officer Information Quality Symposium to be held in Cambridge, Massachusetts. Later today, SiliconANGLE will post a wrap-up of the handful of sessions we have highlighted thus far.
The challenges and applications of big data apply across several industries. Today, we will look at a proposed panel discussion meant to deal with the utilization of big data in the financial services industry, entitled ‘New Directions in Financial Services Standards: Feeding the CDO’s Soul’. The session, chaired by Said Tabet, Senior Technologist and Industry Standards Strategist for EMC Corporation, will include panelists: Richard Soley, CEO of OMG; David Saul, Chief Scientist for State Street Bank; and David Blaszkowsky, Senior Policy Advisor in the Office of Financial Research for the US Department of the Treasury.
One of the chief challenges associated with big data in this industry falls under issues dealing with compliance and privacy directives that have become an imperative within their infrastructure requirements. As such, IT standards must exhibit a malleability allowing it to meet the immediate needs of data governance and data exploitation within each organization.
To date, these IT standards have been implemented piecemeal. The abstract associated with this panel discussion highlights how XBRL, an international consortium establishing reporting standards in the financial services market, transformed the method of corporate reporting. Following XBRL are ISO 20022 and LEI, each of which are beginning to have a measurable effect in messaging and contract linkage. It is assumed the final piece of the puzzle meant to bring everything together will be OMG’s FIBO, when all is said and done.
The purpose of the panel, it is hoped, will be to tie together the seemingly symbiotic perspectives of the financial services industry, standards development organizations, IT vendors and governmental regulators. By looking at what the abstract describes as the “big picture”, the CDO’s role can be simplified by the integration of these IT standards.
The panel will convene on Friday, July 19 at 10:30am.
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