Financial institutions must first look to resolve reference data aggregation and multi-channel silo delivery problems if they are to effectively meet new regulatory demands under the US Patriot Act and Basel II Capital Accord, says Adrian Sharp, a partner with CSC's Consulting Group.
The solution for Patriot Act and subsequent Basel II requirements must address the reference data and aggregation issues at a fundamental level, says Sharp.
The alternative is to exacerbate the existing problem by creating point solutions and additional application specific data images, each of which impacts on downstream complexity and maintenance overhead.
The author recommends that institutions look to emerging business process management technologies and make immediate efforts to deal with data aggregation issues, either internally or through the emergence of industry utilities, such as ACDEX and Reuters/Syntix.
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