BUSINESS ....................................................................................................................................................................
TECHNOLOGY
Making visual analytics to
make sense of data
Data is a great, but messy, story. Visual analytics is the master filmmaker
and the gifted editor who brings the story to life.
THE ISSUES
Regulatory changes and their implementation are on
the increase and will continue to rise as a result of
organisations being able to obtain vast amounts of
data from both internal and external sources.
With the imminent introduction of the
likes of Solvency II (Pillar 3 and IFRS for
Insurers, and Basel III already in place
for the banks), financial institutions
are having to reconsider how
they collect, store, report and
analyse their data in a much
quicker and more integrated
way. These changes will
have a major impact on
organisations, from the IT
infrastructure in place,
through to how people
work in their day to day
operations. A philosophy
of these regulatory
requirements is about
fundamentally changing
the way decisions are
made regarding how
capital is used, and how
performance is managed
and judged.
One of the biggest
challenges is the ability
to capture, consolidate
and analyse data from
multiple sources. Many
financial firms operate in
a typically siloed manner
with a vast amount of source
systems in place (Asset systems,
Policy systems, Financial systems,
Risk Management systems, and
Operational Management systems),
making it difficult to have a single view.
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CIO Magazine Autumn 2015 Issue
Not only is the financial services industry trying to tackle
data management, it also needs to make sense of the
accumulated data, finding ways of deriving greater value
as it is collected across the enterprise and externally. From
this, it can identify emerging trends as well as spotting
issues that need