Increasing legislative and regulatory pressure, who doesn’t groan under it. Financial institutions in particular have to comply with more and more laws and regulations. More and more information must be provided to supervisors to show that your business operations are in order. The necessary data are of course stored in various systems, but this does not immediately provide you with good information, let alone insight. In this blog, Jan Willem van Asperen, sales director at BPM Company, explains how to stay in control.
From data to information
More and more information needs to be supplied to regulators to show that your operations are in order. Where should that information come from? Many companies set up large data warehouses, but you if you extract data from one system it is not yet information. If data needs to be extracted from multiple systems, how do you merge them? Because if system X uses the term ‘customer’ or ‘loan’, is that the same as ‘relationship’ or ‘financing’ from system Y? And are those fields then also of the same format? Finally, how do you get from information to insight? You’d get a headache from less…
Increasing demand for process data
As if making the step from static data to information were not enough, today, process data must also increasingly be delivered. What was done, by whom, at what time and with what input and output? Whereas static data are already difficult to extract from systems, process data are even more so! After all, many systems are data-driven and handling a customer request requires many systems.
Information that is correct, unambiguous and complete
If someone applies for a loan today, certain interest rates, risk factors and other variables apply. These may already be different next week. Yet even three, five or 10 years from now, you need to be able to prove that when the loan was applied for, you applied the right factors. So big data warehouses are created where all that data is aggregated and stored. Then specialists have to convert that data into information that is correct, unambiguous, complete and explainable to regulators.
A case per business transaction ensures control
In Pega, these data are automatically secured. Because the platform creates a case for all business transactions, to which an audit trail is linked as standard, all relevant data – both static data and process data – are stored. So you always know, for each case, what has been done, by whom, when and with which parameters. This not only puts you operationally in control, because as a manager you can design your own reports based on this data, but you can also demonstrate to supervisors that you are in control.
Wondering how Pega can help your organisation stay in control? Feel free to contact us!