How global financial institutions are using big data analytics within their compliance operations.
Business analysts expect the big data market to grow to $32.1 billion by 2015 and to $53.4 billion by 2017, where 2.5 quintillion bytes of data is produced daily, with 90% of world data created since 2012. Correspondingly, within global markets we have seen the extensive adoption of technology, the globalisation and consolidation of industries as well as increasingly unpredictable and dynamic business environments.
This paper discusses how global financial institutions are using big data compliance analytics within their governance operations to manage legal and regulatory obligations. Thus, the study examines the broader issues of how new business is being created in the advent of big data, where more legal services are required to understand and interpret financial regulation, how government and other interested parties hire third party firms to search for patterns in data (eDiscovery), and how software vendors are increasingly developing compliance systems and wrap around consultancy services to help their financial clients meet regulatory mandates.
- Audencia School of Management
- Charles River Development
- Henley Business School