Asset management firms are currently leading the way in strategic regulatory data management, according to a report by Thomson Reuters.
The report explained buy-side firms “lead the pack” as the type of institutions most likely to have a strategic regulatory data management approach in place.
Banks, insurers and asset services are starting to change their mindsets and operate more strategically for certain regulations, but not all.
A survey included in the report found that culture and organisation are considered the biggest barriers to progress in data management.
“The scale and complexity of firms makes it difficult to adapt to new regulatory data management models,” it said.
Cost and lack of data definition and consistency were also listed as barriers, obstructing efforts to move towards more harmonised approaches.
A significant 95% of respondents agreed that there are “significant benefits” to harmonising approach to data management for multiple regulations.
Managing director for regulatory, pricing and reference services at Thomson Reuters, Marion Leslie, explained she often hears from clients that they need help to meet numerous regulatory challenges and opportunities.
“Data management is at the core of the challenge and we are working with our customers to provide practical solutions that leverage data commonalities across multiple regulations in order to advance global business,” she added.