James Phillips, Global Head of Regulatory Strategy, VERMEG, shares his views on the aftermath of the global financial crisis and whether despite efforts to make the financial systems more resilient, there are still see some worrying deficiencies, including; issues around data quality.
“In our experience data quality remains an issue and therefore operational risk too high.
Many data-related tasks in banks are still performed manually and there is a lack of audit trails. There is more that can be done, but it is not just about cranking up the ratios, it is about improving the efficiency and transparency of the organisation. That is where regulatory pressure would be useful and beneficial. It would ultimately improve the economics of the firm because they would become more efficient.”
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