Sixty percent of respondents reported their firms’ readiness to address demands for increased transparency from regulations such as Solvency II & EMIR, a significant increase from the 38% that reported this preparedness in a similar survey held in 2013. However, the remainder of respondents are either unsure of their preparedness or completely unprepared for the demands they face. Despite these responses, the majority of respondents (63%) feel that these regulations will have a positive impact on their firms overall data management effectiveness and only 19% feel that the impact will be a negative one.
Ironically, the biggest limitations facing respondents’ existing data operating models are onerous regulatory requirements (27%), and rising costs (25%). When it comes to the factors that impact a firm’s decisions regarding data management solutions, little has changed since 2013: instituting and maintaining data governance best practices remains a significant goal for end users.
In spite of these goals, only 13% of survey respondents would consider the current level of data governance in their firms to be mature. When asked to describe their organizations’ level of maturity for data governance, 85% selected “emerging” or “work in progress” in 2014, up from 82% in 2013 indicating that while strides are being made, more work remains to be done.
Other key findings include:
- 49% of respondents are currently altering data operating models
- 18% are planning to do so in the next 12 months
“With regulation deadlines looming, now is the time for firms to step up their data governance efforts,” said Alessandro Ferrari, SVP global marketing at RIMES. “Time remains for firms who are behind in their preparations to spruce up their data management practices in advance of the likes of Solvency II & EMIR in Europe and Dodd-Frank in North America. While our survey shows that costs consideration can be a barrier to development, the longer term implications of inaction are significantly more worrying.”