Regulatory environment

Rise of the CDO

Chief Data Officers (CDOs) in the financial services sector are faced with the challenge of fulfilling a large number of complex regulatory requirements. These requirements include data governance, data quality, data availability and data transparency. We provide you with comprehensive information on the most important regulatory requirements that are relevant for CDOs and show that regulatory compliance can be an enabler on the path to impact-orientated data management.

Dealing with a changing and dynamic regulatory environment

Further development and convergence of existing regulations

Regulatory expectations are increasingly emphasising the core concepts within the CDO's area of activity, e.g.

the articulation of a bank-wide data strategy

the sustainable introduction of clear responsibilities that are anchored in the Bank's organisational principles

an effective data governance framework including the introduction of

an integrated data architecture

More and more regulatory requirements with increasing complexity

A unit is needed that bears the main responsibility for monitoring existing and upcoming regulations

The scope of data covers more and more areas of financial institutions

Numerous regulatory requirements have large overlaps (e.g. IRBA and RDARR), which is why a holistic implementation approach should be sought

Solutions in a constantly changing environment

With regard to the competences and responsibilities of the position

The promotion of innovation is not only desirable, but necessary

Acting as a central point of contact for communication with the supervisory authorities Contributing to the value creation of the financial institution

In view of increasing regulatory expectations, banks are facing numerous challenges, some of which they have even brought on themselves:

Diversity and multiplicity of requirements
High frequency of additional regulations
Broad coverage of business areas
Complex corrective measures
Lack of clear, overarching responsibilities
Lack of comprehensive understanding of regulatory requirements and their overlaps

The CDO becomes a success factor for two reasons:

Management of regulatory requirements and communication
Business knowledge and understanding of the topics covered

The CDO's contribution to value creation

The CDO drives the bank's value creation by drawing on his or her organisational skills and extensive knowledge of regulatory requirements, expectations and overlaps.

Saving time and resources
by directly defining responsibilities, with the CDO acting as the main person responsible for regulatory requirements within the data universe

Avoidance of penalties
through a deep understanding of regulatory requirements and their overlaps as well as a more holistic and scalable implementation

Cost reduction
for corrective measures, as less effort is required due to more efficient management of corrective measures and clear responsibilities

Profit increase
with the help of an optimised interpretation of regulatory requirements, e.g. with regard to minimum capital requirements

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