Senior Manager , Amsterdam, The Netherlands
The Dutch financial supervisory body (DNB) has increased the number of Joint Supervisory Team (JST) inspections, placing greater pressure on banks to demonstrate regulatory compliance. This necessitates a scalable approach to managing large volumes of regulatory data, automating compliance processes, and delivering real-time regulatory reporting. Failure to comply with regulations can lead to severe financial and reputational consequences, emphasizing the urgent need for a more scalable regulatory compliance strategy among Dutch banks.
However, banks have struggled to fully comply with regulatory requirements due to inadequate adoption of Data Management practices, particularly in areas such as anti-money laundering (AML). This has resulted in consistent economic sanctions year after year, revealing a lack of long-term vision and structural solutions to address regulatory challenges. These sanctions provide short-term compliance but fail to address the underlying issues and root causes of poor Data Management, including Lineage, Data Quality, and Governance.
Consequently, the same regulatory challenges persist, leading to repetitive cycles of sanctions that have limited impact on long-term compliance. Banks also face difficulties in attracting skilled data stewards capable of implementing and enforcing data management standards, further exacerbating the preference for short-term compliance approaches.
Read more: download our white paper filling in the form below or get in touch with the author Stefano Pierucci.