Data as a production factor in the financial institution of the future

The effective management of a constantly growing volume of business data is an indispensable requirement for financial institutions today. Those who neglect data management risk significant disruption to business operations. Closing gaps in data controls and capacities is a top priority for financial institutions, especially in light of stricter regulatory requirements and increasing reporting obligations.

Effective data management in the financial sector is now an essential requirement for financial institutions, given the ever-growing volume of business data. Anyone who neglects data governance and data management risks significant disruptions to business operations. Closing gaps in data controls and datacapacities is aa top priority for financial institutions, particularly against the backdrop of stricter regulatory requirements and increasing reporting obligations.

With a diverse portfolio of digital solutions, our experts support you in managing the ever-increasing complexity of data management in financial institutions, whilst simultaneously meeting the growing need for trustworthydata.

Our globally based teams, with their in-depth understanding of sustainable change in data management, will guide you through the efficient transformation of your organisation. We support you in identifying and analysing areas where the strategic value of trustworthy data leads to timely, data-driven insights regarding new growth and revenue opportunities.

By applying a precise data governance model based on a risk-based approach, we help you deploy resources in a targeted manner. Your organisation can utilise resources more strategically and focus on increasing business success. Identifying data with a significant impact on the financial position and ensuring the highest level of confidence in reporting to external parties is central to this.

Our experts support you with all tasks relating to the transformation of your data landscape. They highlight strategic growth opportunities and provide valuable insights based on data-driven precision, thereby building trust in critical business processes. By implementing effective data governance structures that promote collaboration, data sharing and cultural transformation, data-driven decision-making is advanced.

Our approach builds trust in data used for processes such as strategic planning, customer insights and compliance with international laws and regulations. Risks arising from inaccurate or out-of-date information are minimised, and organisations are protected from errors and regulatory breaches – with the aim of avoiding potential sanctions.

Furthermore, by facilitating data sharing and breaking down ‘silo thinking’, this approach promotes cross-departmental collaboration in data management within the financial sector. This enables a modern culture of collaboration and data-driven decision-making.

We support financial institutions in implementing advanced AI solutions for data governance and data quality. Technologies such as machine learning, natural language processing (NLP) and generative AI improve data quality, promote well-informed decisions and minimise the risk of errors. AI solutions also open up new possibilities on the path to a next-generation of data management solutions. With our digital solution portfolio, comprising machine learning, NLP and generative AI, organisations can detect and correct errors in datasets, identify patterns and anomalies, and analyse unstructured data. By improving data quality with the help of AI, companies are able to make more informed decisions and reduce the risk of bias in their analyses.

Data governance is already firmly established on companies’ agendas. Nevertheless, designing and implementing effective data governance structures and measuring data quality in a meaningful way remain a challenge for financial institutions – and a key concern for regulatory authorities. Use our leading data governance framework for high-quality data to tackle the complex challenges across all areas of the organisation. Our agile roll-out approach, combined with user-centred change management, ensures effective implementation and fosters a vibrant data culture. This is tailored to the individual needs of organisations in the financial sector and implements data governance and data quality standards.

ESG is of significant importance to decision-makers in financial institutions worldwide. Identifying relevant ESG data both within andthe organisation, integrating ESG data into data aggregation processes to create meaningful ESG-related KPIs, and applying ESG data in accordance with robust data management standards are the areas on which our experts focus. With efficient digital solutions, they help you tap into new potential.

Compliance with regulatory requirements for data management is currently a key focus for supervisory authorities. Data management capabilities are subject to on-site inspections, stress tests and regular supervisory processes. Financial institutions must demonstrate that they have interpreted the regulatory requirements in light of their business and risk profile and that they have an established data management system in place under the leadership and effective responsibility of senior managementKPMG supports you in carrying out regulatory audits and reviews. Firstly, potential weaknesses in compliance with the regulatory requirements relevant to data management are identified and analysed. The focus here is on the design and implementation of compliance-related aspects. We then use industry benchmarks to develop tailor-made measures for your organisation.