Addressing Data Woes through Effective Metadata Management
Metadata management – a key enabler of compliance
Financial institutions have to comply with a huge number of regulations, which is only set to increase. Metadata forms the foundation of accurate regulatory reporting. However, banks are operating with manual metadata management processes. Consequently, spends on hiring compliance and risk professionals as well as regulatory consulting have risen making the process costly and time consuming.
The role of metadata management in driving compliance cannot be underestimated; the need of the hour is to automate metadata management processes to improve data management. Deploying a metadata management platform built using artificial intelligence (AI) technologies like machine learning and natural language processing will go a long way in alleviating the difficulties currently faced by banks.
Before embarking on an implementation to adopt AI in metadata management, banks must:
- Get buy-in from business stakeholders
- Build inventory of application data stores; enable access between data stores and metadata information repositories
- Lay down governance standards to monitor usage of the platform