Cloud and regulatory reporting are a surprisingly good match, says David Campbell from Broadridge in an FTF Exchange podcast.
Cloud computing is becoming more prominent in regulatory reporting because, among other things, it helps immensely with the long-term storage of large volumes of data, says David Campbell, vice president, strategy and business development — message automation for Broadridge Financial Solutions. Campbell recently took part in an FTF Exchange podcast.
Given the storage requirements for regulatory reporting, financial services firms need to find “a cost-effective way to store that data,” Campbell says.
In particular, the cloud is helping sell-side firms meet the regulatory requirements for the big data securities trading surveillance project, the Consolidated Audit Trail (CAT) initiative, Campbell says.
The cloud makes sense for CAT reporting because it offers flexible and affordable options for the storage of high volumes of data that may be flowing in via volatile markets, Campbell says. Cloud support may prove to be useful as firms complete upcoming CAT phases in 2021 and 2022.
Overall, cloud computing offers firms the ability to create tiers for data storage that can be accessed quickly, Campbell says. This is a major factor because it helps reduce storage costs.
“You don’t have to buy disks in advance of what your storing — you’re just paying for what you need to store. So, it helps right-size your costs, reducing capital outlays upfront for equipment, storage equipment, etc.,” Campbell says.
By moving to the cloud, firms can also sidestep the costs of data center operations, particularly the purchase and maintenance of servers, Campbell says. This will go a long way in helping firms keep control over a required expenditure that is not a competitive differentiator.
Broadridge is the winner of the Best RegTech Solution award, a key, competitive category of the FTF News Technology Innovation Awards.
Here is a quick sampling of coverage of Broadridge via FTF News:
- Firms Should Fund Ops Despite Fee Woes: Q&A
- Broadridge Partnership Yields Corporate Bond Trading Platform
- Broadridge Applies AI & ML to Recs Burdens
- CAT Helps Sell Side Boost Regulatory Ops: Q&A
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