Halftime 2016 – industry concerns for bank GCs to ponder

August 3rd, 2016

An Article by Varun Mehta, EVP – Client Engagement, entitled, “Halftime 2016 – industry concerns for bank GCs to ponder” has been published on Global Legal Post. In it, he considers five important issues for banking and finance GCs. The article is available here on Global Legal Post’s website. An excerpt of the article has been produced below.

Halftime 2016 – industry concerns for bank GCs to ponder

Varun Mehta – 27 July 2016

Summer is here and with it, holidays. Hopefully, you will find yourself on a warm, not-too-crowded beach with your favourite book; here are some thoughts on several big ticket items so that you can get back to your summer reading.

Big Data is the future of supervision and investigations

Regulators and financial institutions have rightly realised that big data is the future of supervision and investigations. The early half of 2016 has seen major financial regulators discuss how they are enhancing and leveraging data collection, setting the stage for a very different oversight environment in the near future. A speaker at an industry panel aptly quoted Securities and Exchange Commission (SEC) chair Mary Jo White, saying, ‘This is not your father’s SEC – or your mother’s or even your older brother or sister’s.’ As Ms White pointed out, technology is changing rapidly, and bringing regulatory practices with it. Earlier this year, the SEC announced the creation of a new Office of Risk and Strategy to harness quantitative analysis for better surveillance. The Financial Industry Regulatory Authority (FINRA) similarly announced a heightened focus on data quality and governance in its 2016 Regulatory and Examination Priorities Letter. From all of the regulatory participants the message was clear: it’s time for the industry to tool up, because enhanced data-driven approaches to supervision are already here.