Skip to content
  • AT SNOWFLAKE
  • Industry solutions
  • Partner & Customer Value
  • Product & Technology
  • Strategy & Insights
Languages
  • Deutsch
  • 한국어
  • Español
  • Français
  • English
  • Italiano
  • 日本語
  • Português
  • Deutsch
  • 한국어
  • Español
  • Français
  • English
  • Italiano
  • 日本語
  • Português
  • AT SNOWFLAKE
  • Industry solutions
  • Partner & Customer Value
  • Product & Technology
  • Strategy & Insights
  • Deutsch
  • 한국어
  • Español
  • Français
  • English
  • Italiano
  • 日本語
  • Português
  • VISÃO GERAL
    • Por que Snowflake
    • Histórias de clientes
    • Parceiros
    • Serviços
  • SETORES
    • Publicidade, meios de comunicação e entretenimento
    • Serviços financeiros
    • Saúde e ciências da vida
    • Indústria
    • Setor público
    • Varejo e bens de consumo
    • Tecnologia
  • For Departments
    • Marketing
    • IT
  • SAIBA MAIS
    • Biblioteca de recursos
    • Desenvolvedores
    • Quickstarts
    • Documentação
    • Laboratórios práticos
    • Treinamento
    • Guias
    • Glossário
  • Connect
    • Blog
    • Community
    • Events
    • Webinars
    • Podcast
    • Support
    • Trending
  • VISÃO GERAL
    • Sobre a Snowflake
    • Investidores
    • Liderança e direção
    • Carreiras
    • Newsroom
    • ESG
    • Empreendimentos de Snowflake
Author
Snowflake
Share
Subscribe
fev 21, 2023

Meeting Regulatory Reporting and Compliance Standards in the Financial Services Industry with Snowflake

  • Soluções por setor
Meeting Regulatory Reporting and Compliance Standards in the Financial Services Industry with Snowflake

Regulatory reporting obligations and compliance standards continue to rise. One of the major challenges for financial services organizations is the increasingly multi-jurisdictional and regional nature of these requirements. According to a recent Thomson Reuters survey, the top challenge for financial services compliance practitioners in 2022 was the volume and implementation of regulatory change.

For a large, multi-segment global bank, this means a fragmented, manual approach that no longer works. Financial institutions also continue to be challenged to understand and identify PII to prevent inadvertently disclosing it, all while working to implement data governance policies, which result in better accountability and help identify risks while staying true to business initiatives. 

Today, many financial institutions have multiple applications that are on-premises or cloud-based, coupled with disparate data sources, which can result in:

• Old and inconsistent data across different reporting obligations

• Inability to integrate critical data, including pricing or reference data, as well as ESG data for the Sustainable Finance Disclosure Regulation (SFDR)

• Slower analytics and calculations that prolong the reporting process

• Higher chances of reporting errors as data is copied and moved across different data silos

• Heightened chance for security breach and risk created by the lack of a single source of data

As a single data platform, Snowflake’s Financial Services Data Cloud enables risk and compliance teams to power reporting and compliance obligations—whether it’s Dodd-Frank, Fundamental Review of the Trading Book (FRTB), or Basel III—with a single copy of data. Data access and collaboration capabilities allow teams to access industry-leading market data via Snowflake Marketplace or private share and integrate it with their portfolio, transactions, risk, and finance data. Security and governance capabilities allow banks to protect, store, and access their data, including PII, with controls that enable them to meet risk needs and compliance requirements.

Multi-cluster concurrency allows teams to run different workloads, whether it is:

• Trade activity reporting for the Consolidated Audit Trail

• Risk and performance analytics for FRTB

• Stress testing and capital requirement analytics for CCAR

• ESG factor incorporation for SFDR

• PII data tagging and masking to comply with GDPR 

In fact, teams can run all of these workloads at the same time, without contention.

Here’s how a few of our financial services customers are using Snowflake to meet their regulatory obligations more efficiently and effectively:

ICE

ICE connects global markets by operating exchanges and clearing houses that help people invest, raise capital, and manage risk. Because of this global footprint, ICE turned to Snowflake to streamline its regulatory reporting capabilities. By architecting on Snowflake, ICE increased its capacity to run bigger clusters with bigger data sets, while still meeting SLAs with timely delivery of regulatory reporting for different asset classes and geographies. And as a fully managed platform, Snowflake helped remove the need for manual intervention, allowing ICE’s risk and compliance team to refocus their resources on other value-added activities.

Saxo Bank

Saxo Bank is a Danish investment bank and financial technology (FinTech) firm specializing in online trading and investment. As a fast-growing bank, it is vital that it stays up to date with the constantly evolving financial regulations and compliance demands of its industry, which span across multiple countries and jurisdictions. Snowflake has enabled Saxo to grow in customers and value without the need to significantly expand its workforce to meet the compliance demands of the regulatory frameworks. The flexibility of Snowflake’s solution has also provided much greater speed and agility, opening up the possibility of real-time risk monitoring for the organization.

EQT Group

EQT Group is a global investment organization focused entirely on active ownership strategies, while responsibly investing in, owning, and developing numerous companies. To understand which companies to invest in, it uses Snowflake to store and analyze large amounts of internal and external data. Snowflake synergizes with data catalog providers, enabling better data governance and compliance. Snowflake offers Dynamic Data Masking—an important capability for a company working with GDPR that has a lot of sensitive data about investors, and it’s critical to prevent both internal and external leaks. Data owners can tag data as PII and mask it from other users. Once that data is tagged, an access history log is then available, making regulatory compliance a much easier task. EQT has built a comprehensive data catalog that enables anyone in the organization to simply find the data they need, see the controls on that data, know who owns it, and determine whether it is trustworthy information. All this is done by having Snowflake at the heart of the data operation.

Discover how your organization can use Snowflake to improve regulatory reporting:

  • Learn more about the Snowflake Financial Services Data Cloud.
  • Read our Financial Services Success Guide: 8 Ways Financial Services Organizations Deliver Innovation and Security with the Data Cloud.
  • Watch our webinar: Financial Services Demo: Leveraging Data for Regulatory Reporting.
  • Read our industry brief: Snowflake’s Financial Services Data Cloud.
Share

Related Content

  • Soluções por setor
dez 14, 2022

How Financial Services Drive Efficient Insurance Underwriting with the Snowflake Data Cloud

The underwriting process has become increasingly complex and competitive for traditional insurance providers. Underwriting workflows are generally inefficient and costly. At the same time, everyone from agents to brokers to…

Explore
Read More

8 Ways Financial Services Organizations Deliver Innovation and Security with the Data Cloud 

In this ebook, we will explore how Financial and Insurance organizations become more data-driven by incorporating Snowflake’s Financial Services Data Cloud, manage data and enable business-critical workflows by unlocking data access and insights, and improve risk management and governance by modernizing security for portfolio, reference, market, and risk data

Download Now!

The Cloud Data Platform for Financial Services

From commercial banking to asset management, financial institutions are using data to keep pace with the changing...

Explore
Read More

Financial Analysis Tools for Data-Driven Insights

Learn how today’s companies are using financial analysis tools reduce risk and take advantage of opportunities.

See how
Read More

Financial Services Data Cloud

Boost your data and AI strategy in the Financial Services Data Cloud to achieve compliance goals, improve risk management,...

Delve into the details
Read More

Data-Driven Media Planning

Data-driven media planning connects the right message with the right audience at the right time, resulting in more effective marketing campaigns.

More to follow
Read More
Snowflake Inc.
  • Plataforma
    • Data Cloud
    • Arquitetura
    • preços
    • Snowflake Marketplace
    • Segurança e Confiança
  • Soluções
    • Serviços financeiros
    • Publicidade, meios de comunicação e entretenimento
    • Varejo e bens de consumo
    • Saúde e ciências da vida
    • Analítica de Marketing
  • Recursos
    • Biblioteca de recursos
    • Webinars
    • Documentação
    • Comunidade
    • Compras
    • Legal
  • Explore
    • Notícias
    • Blog
    • Tendência
    • Guias
    • Desenvolvedores
  • About
    • Sobre a Snowflake
    • Investidores
    • Liderança e direção
    • Empreendimentos de Snowflake
    • Carreiras
    • contato

Thanks for signing up!

  • Privacy Notice
  • Site Terms
  • Cookie Settings
  • Do Not Share My Personal Information

© 2023 Snowflake Inc. All Rights Reserved |  If you’d rather not receive future emails from Snowflake, unsubscribe here or customize your communication preferences