Regulators are embracing analytics as a powerful tool to find answers, gain insights and identify red flags and are busy developing new forms of data analysis. But even with sufficient access to a wealth of data about their clients, regulators are at very different stages of development in their use of advanced data analytical techniques to uncover patterns and detect non-compliance.
The use of data and the analytical skills that come with that, have emerged as a key focus for regulators going forwards. Sophisticated analysis is clearly a highly useful tool in identifying high risk behaviours or relationships and the push is happening now to develop the right capabilities.
As part of our research towards the Refining Regulation to Strengthen Compliance national forum in February, a number of key themes were consistent throughout our one-on-one interviews across the industry:
- How do we harness big data and what exactly are its possibilities?
- What are the right regulatory frameworks that promote compliance?
- How do I better understand who I’m regulating so I understand their barriers to compliance?
- How can I analyse and use my data better to find patterns and future priority areas?
Data, along with the right regulatory approach, can offer great possibilities to regulators. These tools can help prevent and detect non-compliance, define where future resources should be focused and ultimately shape future regulatory strategy. The Refining Regulation to Strengthen Compliance forum presents a very topical agenda and a great networking opportunity for the regulatory community next February and we hope to see you there.