Suade's CEO & co-founder, Diana Paredes, spoke at the Eurofi High Level Seminar in Prague to explore data-led innovation in finance. Diana was joined by experts from the European Securities and Markets Authority (ESMA), European Parliament, European Commission, French and Czech Ministries of Finance, as well as Google Cloud and HSBC Bank plc on the industry side.
The panel discussed the current opportunities and challenges related to data-led innovation in the financial sector, and the related regulatory implications (Data Act, AI Act, open finance…).
Diana stated that standardisation is the key starting point for regulators and institutions looking to leverage data, providing harmonisation across a financial institution and the sector as a whole. This allows financial institutions to gather their data more efficiently, track movements through all systems and databases through efficient data lineage and produce highly accurate regulatory reports in a timely manner. Regulators, on the other hand, benefit from comparable submissions across financial institutions, as the data is derived from similar sources and of an equally high standard.
But Diana highlighted that despite the significant benefits, and the fact that data standardisation has been on regulators agenda around the world for many years, leveraging the data effectively still is a challenge. Key obstacles include the lack of a common data format or standard, legacy technology systems, and challenges around lineage and auditability.
Read more about Data standardisation from Diana, in the Eurofi magazine 2022 here (Page No. 270).
To learn more about Suade's open-source financial regulatory data standard (FIRE), a data standard that successfully harmonises data at financial institutions in terms of definitions set out in financial regulation, get in touch today!