Media and management consultants have been suggesting new approaches for Governance, Risk and Compliance (GRC) programs for a few years now. And yet from 2015 to 2016 litigation costs related to regulation came to $70 billion. With financial institutions continuing to pay hefty fines for non-compliance, some are left to wonder whether the current approaches simply don’t work. And interestingly, those hit by the regulators seem to be traditional, long-established institutions and not the new fintech entrants.
We decided to demystify this problem and look at what the heavyweights of the financial industry are grappling with and why disruptive players are in a better position.
To succeed with their GRC projects, traditional banks should not see governance, risk, and compliance as three disparate disciplines. If they do, they will continue to create more data and organizational silos which in turn are more complex to change over time — an inevitable scenario if you depend on only relational technology.
These organizations have to reorganize themselves with adaptability in mind from both the human organization and processes point of views as well as the crucial Information Technology perspective.
We are not advocating a complete revamp of your GRC infrastructure – we believe there is another solution. And it can comfort those who are struggling to change and challenge the status quo.
A multi-model technology can integrate your data silos and is flexible enough to adapt to an evolving regulatory landscape. Most database management systems are organized around a single data model that determines how data can be organized, stored, and manipulated. In contrast, a multi-model database is designed to support multiple data models against a single, integrated backend. Document, graph, relational, and key-value models are examples of data models that may be supported by a multi-model database. True multi-model is a single API that allows query of all the data in their native query language regardless of data model.
Our system’s consolidation capacities absorb yesterday’s legacy and switch to modern, agile and lighter infrastructure with a shorter time to value.
The time aspect has been the usual kickstarter for a majority of our customers. When other technologies do not bring a pragmatic solution and time has gone away, MarkLogic is selected as an emergency last chance. Deployments are successful, not without stress – but deadlines are met.
With new deployment patterns such as Operational Data Hub and trade store, a majority of our customers in the financial sector are looking serenely at the new GRC challenges. How about you?
Like what you just read, here are a few more articles for you to check out or you can visit our blog overview page to see more.
A data platform lets you collect, process, analyze, and share data across systems of record, systems of engagement, and systems of insight.
We’re all drowning in data. Keeping up with our data – and our understanding of it – requires using tools in new ways to unify data, metadata, and meaning.
A knowledge graph – a metadata structure sitting on a machine somewhere – has very interesting potential, but can’t do very much by itself. How do we put it to work?
Don’t waste time stitching together components. MarkLogic combines the power of a multi-model database, search, and semantic AI technology in a single platform with mastering, metadata management, government-grade security and more.Request a Demo