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Comply with Confidence While Managing Big Data Growth

RubyNicholson

Bill Mannel.jpg

Guest blog written by Bill Mannel, VP & GM – HPC, Big Data & IoT Solutions, HPE Servers

The rapid expansion of Big Data combined with the ongoing need to navigate regulatory change has made the financial services industry a more complex environment than ever before.

Strict regulations like Dodd-Frank, CCAR, SEC 17a-4, and SOX continue to place pressure on financial organizations and force IT departments to improve information governance strategies, so they can respond quickly and efficiently in the event of an audit. A recent Enterprise Strategy Group report confirmed that regulatory compliance initiatives ranked as one of the most important priorities facing financial services IT managers today.

Top Ten IT Priorities Among Financial Services IT Managers.jpg

On top of that, the volume of data generated by financial institutions, investors, and employees is increasing exponentially. The financial industry is considered to be one of the most data-driven industries that exists today – the New York Stock Exchange alone captures 1 terabyte of information daily, and the widespread adoption of online banking and mobile payment apps guarantees that substantial data growth will continue.

While supporting Big Data and managing regulatory compliance might have once been considered separate issues, the two have become very much connected. As regulatory requirements evolve and expand, more data must be collected, analyzed, and archived in order to ensure compliance. Conversely, the more data that is generated, the greater the need for regulations to ensure sensitive financial information is properly retained, stored, and protected.  

Consider this example: Know Your Customer guidelines require that banks verify the identity of their customers in order to help reduce fraud, money laundering, identity theft, and terrorist financing. This requires that organizations leverage Big Data analytics to collect and examine customer identity information, match names against large lists of known parties, and define a customer’s risk based on their transactional behavior.

All of these activities, compounded significantly by the sheer number of regulations, dramatically increase the volume of Big Data that financial institutions must manage on a daily basis. As a result, financial IT departments are struggling to meet ever-increasing storage demands and continually scale-up storage infrastructures in order to meet the growing needs of Big Data.

So, how can financial organizations simplify Big Data management while keeping pace with escalating regulatory requirements to comply with confidence?

Simplifying enterprise-level storage infrastructures is a large part of the equation, as data growth and regulatory complexity have quickly overwhelmed many of the storage systems typically employed by financial organizations. Object storage solutions are more capable of scaling to address the ever-evolving demands of Big Data generated by financial services.

Archiving solutions based on object storage can drive improvements to financial IT infrastructures in a number of ways:

  • Multiple media formats, applications, and locations can be supported simultaneously.
  • A high degree of data security ensures sensitive financial data will be protected against outside threats.
  • Cloud scalability guarantees the system can adapt to changing platform technologies/media types.
  • Leveraging an enterprise’s existing storage architecture reduces total costs by as much as 50-70% and dramatically lowers TCO.

Regulatory compliance and Big Data management are only set to become more deeply integrated, and forward-thinking financial organizations will quickly find ways to streamline both practices in order to gain efficiencies, maintain compliance, and lower costs. By leveraging the private cloud for risk compliant archiving of financial data, organizations can transform their storage infrastructures and improve archival capabilities while reducing storage costs.

Success in today’s financial services industry is dependent on the ability to mitigate risk and keep pace with evolving regulations, which consistently increases the time and costs enterprises must invest in their Big Data storage solutions. A complete end-to-end archiving solution geared towards the needs of financial organizations will allow them to continually meet compliance requirements while future-proofing the enterprise amid continued Big Data growth.

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About the Author

RubyNicholson

I am a Senior Manager managing external content and social media for HPE Servers Awareness. Stay tuned for topics on Mission Critical Solutions, Core Enterprise and SMB Solutions, Next Gen Workload Solutions, Big Data and HPC, Cloudline and HPS Options! Follow me @RubyD_Nich