Financial institutions have implemented — and continue to implement — many disparate applications for risk management and regulatory compliance in response to increasing regulatory requirements and the need for reduced operational risk.
Recently, however, many organizations have begun unifying these separate applications via a single, comprehensive, enterprise-wide platform. Doing so allows them to gain a more accurate and complete view of their enterprise data, identify operational and compliance risks and suspicious activities faster and more thoroughly, more easily comply with new and changing regulations, and simplify overall management and maintenance.
This white paper describes the business drivers for consolidating risk management and regulatory compliance applications and data. We then discuss strengths and limitations of various technologies — including traditional data warehouses and newer big data technologies. The white paper then presents a new technology, InterSystems IRIS Data Platform™, which complements organizations’ existing data management environments to provide a unified, panoramic view of all enterprise data and an ultra-high performance scale-out processing layer for performing complex processing tasks on distributed data to feed applications and deliver fast and accurate answers to unplanned questions from regulators and business users.