Change is on the way: Global elections and data transformations in banking

Banking data journeys and transformation plans plus global politics in the spotlight

• Hot off the press this month is our Banking Transformation report is live - created in partnership with?Arzient - Transforming U.S. Banks: Overcoming Data Challenges to Boost Compliance and Revenue (greshamtech.com). The team at American Banker have also distilled findings down to a concise one pager on the how banks are getting digital transformation wrong - How banks are getting digital transformation wrong | American Banker. ?
• Key themes emerged from the AI in Capital Markets summit in London, attended by Neil Vernon and Harvey Colborne . Regulatory advancements regarding the use of AI in banking are imminent. Dr. David P. Doyle, EU Policy Adviser, critically evaluated the EU AI Act, expressing concerns that it may stifle innovation. He also discussed its extra-jurisdictional reach, noting that the EU's regulations are designed to have a significant impact beyond its borders.?
• As we reach the halfway point of 2024, election fever is as palpable as a Euros match says Reuters . FS markets everywhere are closely monitoring the political landscape, as?chosen governments will have substantial implications for business and investment strategies. Take Five: Election nerves reach fever pitch | Reuters?

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What we are hearing from our Clients?

• Monitoring beyond reporting: Regulatory reporting is critical for risk avoidance and readiness. However, what is often overlooked is how the supervisory controls allow for audit, connectivity to other systems. End to end solutioning is what is necessary in the market.?
• Reconciliations in the Board Room: senior management within organizations see what was previously defined as back-office functionality now becoming more strategic with greater data utilization being the driver. Budgets are available here.?
• Legacy systems are under scrutiny: The days of good enough in data and transaction processing are long gone. As new decisions on cloud, storage and network are being made, we see data management systems evaluated for learning and sharing capabilities.?

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What's new with Gresham?

• We have been shortlisted for the Data Management Insights Awards USA 2024 in not one, but two categories!? It is fantastic to be recognized for our data management capabilities within the financial services sector. There is still time to vote for us, cast yours by Friday, 12th July:?Data Management Insight Awards USA - A-Team (a-teaminsight.com)?
• This month Philip Flood and Elle Flood attended Risk Live in London, hosted by Risk.net . Loads of great conversations with some new faces sharing the data quality projects, initiatives and challenges. There was also a keen focus for operational risk specialists on regulatory reporting, oversight,?and ongoing compliance.?
• For Pride Month, we engaged our team to share their perspectives on allyship and acceptance. We received heartfelt responses from LGBTQ+ members and allies alike, wishing everyone a Happy Pride 2024.?