Collibra, a leader in data governance software solutions for business users, and PwC today announced the two companies have expanded the scope of their existing global partner relationship.
With this expanded alliance, Collibra and PwC UK will provide integrated solutions to help financial services organisations understand the impact of global regulatory obligations on the firm's requirements around the implementation and operationalisation of data management and governance to improve operations, improve data quality to mitigate risk, drive growth, and create new sources of value.
Global financial services organisations are grappling with how to understand, quickly act on, and remain compliant with a growing host of international financial services regulations, including the Basel Committee of Banking Supervision (BCBS) 239, Comprehensive Capital Analysis and Review (CCAR), the Sarbanes-Oxley Act, Markets in Financial Instruments Directive (MiFID) II and the General Data Protection Regulation (GDPR). The risks of non-compliance can be severe, with both hard and soft costs in the form of significant financial penalties along with reputation damage for those firms that lag behind.
PwC will leverage its Global Centre of Excellence network, focused on regulations and change, to assess and remediate an organisation’s compliance with the regulatory requirements. A key aspect of this will be through applying PwC’s ARIA framework, which supports assessment of global regulations for a specific subject area within an institution. ARIA maps the firm's policies and controls to assess compliance against the individual regulatory obligations and helps plan appropriate remediation activities. This allows companies to plan for the future, and identify actions they need to take and by when, including implementing strategic data governance initiatives enabled by Collibra.
Together, Collibra and PwC will empower clients with an aligned business and technology strategy that delivers an end-to-end solution – from regulatory requirements to control framework to effective implementation of the industry-leading Collibra Data Governance and Management solution.
“To meet regulatory requirements efficiently and effectively, financial services companies need to first understand the aggregated impact of the regulatory requirements to design the appropriate controls, including data governance,” said Tayyaba Arif, Director Financial Services Data Management, PwC UK.
“The association between PwC and Collibra will help organisations drive profitable outcomes and reinvent their businesses.”
“Collibra brings deep expertise in supporting the data governance needs of financial services organisations, including supporting five of the 10 largest U.S. banks and more than 25% of the top global banks,” said Felix Van de Maele, Collibra co-founder and CEO.
“We’re delighted that PwC recognises the Collibra data governance solution as the most complete and robust solution for enterprises around the world. Together, our two companies will create an effective path forward for financial services companies that understand that data represents more than a regulatory check-box, but an asset that drives true competitive advantage.”
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