Ernst and Young just released their 2015 Federal Reserve regulatory reporting survey looking at how firms are adapting to the new standards. The survey covered 5 key topics but two stood out as areas where new smart data solutions could add immediate value for the banks: Report Preparation and Data &Technology.
For Report Preparation, the survey indicates that organizations are spending more than 50% of their time preparing regulatory reports versus doing analytics and review. "System limitations and data integrity" issues resulting in many manual adjustments were cited as the key reasons for this.
For Data & Technology, most banks have partially automated the reporting process but data quality and data granularity continue to be a challenge. Many banks continue to rely on "ad hoc data sources and Excel" to meet data granularity requirements.
A Smart (semantic) Data Lake can help alleviate much of the pain around these issues.
The regulatory reporting environment is evolving quickly, placing unprecedented demands on legacy processes and technology. However, innovative new solutions like the Smart Data Lake are enabling transformative data solutions that can be rapidly deployed and evolved over time as needs change.
The Ernst and Young survey can be found here: http://bit.ly/1MvV64f
More on Smart Data Lakes here: http://linkd.in/1KYWuvA