Governance, Risk, and Compliance – Challenges and Trends | Series: Spotlight

In this edition of Dataciders Spotlight, Marcus Wahlster, who is responsible for governance, risk, and compliance at Dataciders, provides insight into the unique challenges faced by financial services providers.

Current and future challenges: Marcus discusses key issues currently shaping the financial industry, in particular the ongoing digitalization process and technological innovations. Innovations such as artificial intelligence, blockchain, cloud computing, and big data analytics are driving forces that are changing the sector. He also highlights the growing regulatory pressure and the increasing importance of ESG (environmental, social, governance) criteria, which companies must increasingly take into account.

Promising trends: Marcus mentions several interesting developments, including:

• AI-supported automation: Financial institutions can offer customized products and make their risk management processes more efficient.
• The Electronic Securities Trading Act: It enables faster and more decentralized settlement of securities transactions using blockchain technology.
• Sustainable financial products: These continue to gain in importance and will continue to play a key role in the future.
• Cybersecurity: The continuous improvement of data protection and resilience is an increasingly important issue.

Example of successful support: Marcus shares an example of how Dataciders supported a large state bank by developing a digital platform for processing securitization transactions. This enabled the bank to automatically process financial data and create the optimal product mix for investors, resulting in better alignment with the needs of end customers.