NAGE wins the FST Award for "Compliance Project of the Year"
By David Butler on Apr 01, 2011
The Financial Sector Technology (FST) Awards held on 31 March 2011 at the Lancaster London Hotel, Bayswater, London, recognized excellence and innovation in the field of information technology within the UK and EMEA financial services sectors. These prestigious awards are designed to emphasize the importance of IT as a key driver in business and to acknowledge and reward IT specialists working within the sector. The primary criteria for judging are the delivery of definable and significant business benefits, innovation, and originality of application.
The FST Compliance project of the year award rewards the most effective compliance project by a financial services provider. The winner will have demonstrated how the strategic use of technology has enabled compliance with governmental regulations, such as MiFID, SEPA, Basel III, the anti-money laundering protocols, or the raft of new rules introduced post-crunch (e.g. liquidity requirements). The winner will also show how their compliance strategy adds business benefits and furthers the organization's opportunities for future success.
Master Data Management and Compliance go hand in hand. Compliance relies entirely on the data it uses. Ungoverned data does not fit the bill. And we all know that you can't govern unmanaged data. This is a compelling compliance value chain and it is the driving force behind Oracle's move to integrate data governance with its market leading master data management solutions. In this case, the National Australia Group Europe (NAGE) has implemented Oracle Customer Hub and Oracle Data Quality with the express purpose of using it to gain the single version of the truth about its customers needed to support compliance. In short, Oracle MDM is the foundation for NAGE's award winning compliance initiative.
The NAGE Compliance initiative for the "Financial Services Compensation Scheme" project has been branded "Enterprise Data Foundations" to reflect the approach being taken to deliver sustainable foundations with an enterprise-wide Customer Hub. This provides a "Single Source of Truth" for all customer data attributes, providing a "Golden Customer Record". As we know, this has been an industry challenge for a number of years. NAGE deployed the latest Customer Hub release (Universal Customer Master 8.2) along with Oracle Cleansing and Matching servers.
Congratulations to the National Australia Group Europe.