Data Completeness is Crucial - Your Compliance Efforts

1. Shield Data Completeness is Crucial - Underestimated Data is crucial to the modern economy, particularly when it comes to financial institutions (FIs). Their ability to store, access, and analyze massive amounts of data in an effective and efficient manner greatly adds to their competitive advantages. But data collection isn’t solely about that. FIs must also ensure that they are properly collecting and storing data in order to achieve regulatory compliance. Severe fines for non-compliance A failure to do this can result in severe fines from global regulators — ranging from tens of thousands up to millions of dollars — for not properly capturing information in an effective manner. For example, in November 2020, Santander Investment Securities agreed to pay a fine of $150,000 to the United States Financial Industry Regulatory Authority (FINRA) for not capturing around 6 million emails for more than 100 employees over a five-year period. Regulations vary, data requirements remain Ultimately, the reason why this data wasn’t gathered simply does not matter. Whether it’s willful wrongdoing or a bad line of code that’s been erroneously implemented, the problem comes down to a binary question: Have FIs got the correct data to report? If they have, it can be assessed by regulators. If they haven’t, there’s a big problem. How do we solve that Shield also generates a list of all of the journaled emails made the previous day. Importantly, this comes with a summary of not just what is there, but also what isn’t — meaning gaps identified using metadata. A dashboard completeness widget can show users the daily summary report. The report runs daily after a full import of data has been completed. In doing so, Shield makes it much easier to capture and process data for regulatory purposes. Follow us Website: https://www.shieldfc.com/