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One example is the lineage methods that the banking industry has adopted to comply with regulations put in place following the 2007 financial collapse. It required banks to develop a data architecture that could support risk-management tools. A key piece of legislation that emerged from that crisis was BCBS-239.
The following are some of the key business use cases that highlight this need: Trade reporting – Since the global financial crisis of 2007–2008, regulators have increased their demands and scrutiny on regulatory reporting. Apart from generating regulatory reports, these teams require visibility into the health of the reporting systems.
It’s hard to believe it’s been 15 years since the global financial crisis of 2007/2008. From stringent data protection measures to complex riskmanagement protocols, institutions must not only adapt to regulatory shifts but also proactively anticipate emerging requirements, as well as predict negative outcomes.
In 2012, COBIT 5 was released and in 2013, the ISACA released an add-on to COBIT 5, which included more information for businesses regarding riskmanagement and information governance. It’s also designed to give senior management more insight into how technology can align with organizational goals.
If you’re a bank, however, taking risks doesn’t just have implications for you, but for all your customers and (if you’re big enough) for the economy as a whole. . Up-to-date data management makes meeting the credit risk and market risk standards much more feasible, and is absolutely necessary for operational risk.
Eric’s article describes an approach to process for data science teams in a stark contrast to the riskmanagement practices of Agile process, such as timeboxing. The ability to measure results (risk-reducing evidence). Frédéric Kaplan, Pierre-Yves Oudeyer (2007). Large-Scale Study of Curiosity-Driven Learning”.
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