A recent press release reports, “Trifacta, the global leader in data preparation, today announced that use of its Wrangler products is increasing among financial services organizations to address increasingly demanding risk and compliance initiatives, such as CCAR, BCBS 239, and AML. Trifacta’s momentum in regulatory reporting illustrates the company’s growing presence in the financial services industry for a variety of analytics and operational use cases. Regulatory requirements are constantly evolving — growing ever more granular and nuanced. In fact, financial institutions need to track and address an average of 200 new international regulatory revisions every day, according to Thomson Reuters Regulatory Intelligence service. Complying to the unique requirements of each jurisdiction places more demand on resources within financial services companies.”
The release goes on, “Furthermore, financial institutions manage a huge volume and variety of transaction data, which can create major quality issues that need to be addressed before they can even begin to navigate the growing web of reporting requirements. Data preparation alone can account for 80 percent of an analytics project — meaning process inefficiencies and issues with data quality and accuracy can have a snowball effect on operational costs. Trifacta allows financial institutions to retire the use of common spreadsheet tools for regulatory reporting in order to increase speed, collaboration and accuracy among compliance teams. Perhaps most importantly, Trifacta’s ability to track data lineage allows for increased visibility both internally and externally into how the data has been transformed, a critical feature for compliance.”
Read more at Trifacta.
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