In Search of a Single Version of the Truth: Adopting a Universal Data Model
Firms today require access to unprecedented volumes of data to meet growing demands for transparency and integrity across all their business activities. Operational needs and regulatory requirements are driving rigorous data sourcing, collection and integration efforts. The task is made more complex and expensive by the need for data that is consistent with the business, finance and risk management activities of the institution. In short, the need to obtain the much discussed ‘single version of the truth’ has never been more pressing.
Our newest paper looks at the challenges of addressing multiple regulatory requirements while striving for increased profitability. It explains how firms can normalize their internal data collection processes – and retain the flexibility they need to support the finance and risk functions, and business activities across the enterprise – by adopting a universal data model.