Synechron has partnered with Solidatus to help firms get the most from their data and comply with upcoming regulations.
The global financial services consulting and technology services provider has formed a partnership with Solidatus, a data lineage discovery and visualisation solution. Together, the firms are looking to address the challenges related to understanding data lineage, governance, and management.
Financial institutions are currently struggling to keep up with the growing amount of data they are seeing. Along with tracking and modelling, regulations like MiFID, GDPR, and FRTB are also putting the onus on the industry to gain deeper insights into the data.
The partnership’s solution will provide a robust data lineage discovery and visualization tool to complement existing ETL & Governance solutions already in use, by collecting all lineage information into one place.
Solidatus, which allows banks to better understand the shape and quality of their data, caters to several unique use cases within financial services, in areas including: regulation, systems integration, transformation and rationalisation and data governance.
Daniel Percy-Hughes, consultant at Synechron, said, “Data visualization tools are becoming increasingly important as firms generate more and more data. Regulations like MiFID, GDPR, FRTB and others demand deeper insight into this data placing greater focus on the need for enhanced data lineage. We are happy to partner with Solidatus to provide a solution to address these concerns and build on its proven successes already working with some of the biggest global financial services companies.”
Solidatus is being utilised in some of the most data-rich industries across the globe, including top-tier global pharmaceutical, utility and infrastructure organisations, in addition to financial.
The General Data Protection Regulation, which is being implemented in May, intends to strengthen and unify data protection for all individuals within the European Union (EU). It will directly affect every UK and European company and those businesses with EU citizens and carries heavy fines (up to 4% of a company’s global revenue).
Solidatus’s solution for GDPR can rapidly discover, document (with a complete audit trail) and share, simplifying the process of being compliant. The solution can also demonstrate to the regulator how and when Privacy Impact Assessments (PIA) were conducted and prove how information is collected, stored, used, deleted and who has access to it.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
