Keeping track of data is vital in finance. If information stores are left untended, unscrupulous people can take advantage of the system. For those reasons, there are a number of important and stringent regulations in place to ensure data quality and keep it safe. Business 2 Community recently highlighted some of these efforts.
The source focused on JPMorgan Chase's compliance efforts following the 2008 crash of the banking industry. The source specified that the banking industry regulation following the crisis is common to troubled times but especially strong. Keeping data in compliance with regulations in finance is a complex field, requiring the efforts of legal professionals. In JPMorgan's case this involved uniting efforts across departments.
Strong governance and compliance systems can prove invaluable in times of trouble and strong compliments to risk reducing tactics. Business 2 Community mentioned that the recent large losses by JPMorgan Chase could have destroyed a company with a less prudent internal management strategy.
The Wall Street Journal recently reported that governance efforts will prove especially hard to enforce at small, local banks. The source mentioned that completing compliance checks is easier at institutions with large staff, and nearly impossible at those with very few employees.
