Data is a valuable commodity in today’s economy, with most industries depending on it. Commodities are traded, but sharing data between relevant parties is not easy because of numerous safeguards. Only a coordinated effort from private and public-sector stakeholders will ensure data flows to where it is needed securely but efficiently.
Compliance has always been a challenge, but that challenge is becoming greater than ever for many financial institutions. The sheer number of employees with access to material nonpublic information (MNPI) is growing, and these individuals are highly dispersed due to the pandemic.
Finding the perpetrators of crimes is a taxing task in terms of time and money; however, regulators require banks to comply with AML and KYC regulations or pay penalties. Data is key to uncovering the criminals who exploit banks for illicit purposes, but employing data to best advantage is easier said than done. Tools such as entity resolution and network analytics make the process much more trustworthy and less costly.