THANK YOU FOR SUBSCRIBING
Organizations are significantly dealing with regulatory compliance challenges, but an organization can operate efficiently with the right approach and dynamic enterprise architecture.
Fremont, CA: Regulatory compliance is now a necessary part of doing business in the financial services industry. Compliance encompasses not just the prevention of financial crimes but also the ability to operate cautiously and responsibly while demonstrating that the organization's rules, procedures, and processes are in place to do so. Regulatory compliance should be a coordinated, enterprise-wide effort that brings together important business and IT stakeholders, each with a critical role to play in the organization's system and IT infrastructure planning, implementation, and maintenance.
Enterprise architecture provides connected models that combine various data sets covering multiple dimensions of the company to give a single core source of truth on which a range of compliance reports can be generated. This simplifies the regulatory compliance process, increasing efficiency and effectiveness while lowering complexity and technological debt.
It also makes for efficient data management of data utilized for regulatory compliance reporting. This guarantees that data quality is maintained in terms of completeness, accuracy, and currency, all of which are operationalized into business-as-usual procedures. As a result, the company benefits from data quality transparency, objectivity, and accountability, which is important to regulators assessing compliance maturity and effectiveness.
The inability of the IT infrastructure to achieve SLAs, which is caused by technological failures and other operational problems, is one of the leading causes of business service disruption. IT systems are vulnerable to low performance, outages, and data breaches due to unsupported, outmoded technologies.
Enterprise architecture helps businesses keep track of technology lifecycles and determine the best course of action for dealing with inefficiencies. These options could include purchasing additional support, planning system migrations, or completely retiring the impacted application.
Regulatory compliance and risk management personnel at large financial institutions emphasize preventing data security breaches. GDPR mandates that compliance teams evaluate the location and health of their data centres, the health of the systems that store and process personal data, and the actions of the systems' owners regularly. Enterprise architecture becomes crucial for designing and implementing the right data security measures across the enterprise by making this information readily available. Moreover, in the aftermath of a personal data breach, enterprise architecture can assist in identifying the source and affected applications, as well as providing a forum for stakeholders to cooperate on developing suitable measures to mitigate the consequences and ensure regulatory compliance.