With all the convenience of online banking, data mobility and banking apps for our devices, we can conduct financial business just about anywhere at any time. For the banks, however, the challenges are around ensuring data protection, access and compliance. Banks are responsible for managing massive growth of their data, both structured and unstructured, which must be retained and auditable to meet ever-changing regulations.
No easy task.
Rabobank is a Dutch bank with €674 billion in assets, over 10 million customers in 47 countries, and 51,000 employees. Those numbers add up to a lot of communications traffic — bank records, banking transactions, emails, online chat applications, surveillance video: the list goes on. All of these activities are heavily regulated by federal and industry with the intent to de-risk operations, safeguard personal information and provide oversight.
Ensuring governance of Rabobank’s communications falls to its Global Compliance Group. And, of course, to the IT department.
When the compliance division needed to examine a particular set of corporate actions, we collected the data from these diverse sources: some from third-party vendors, and some held on backup tapes,” explains Colin Chatelier, Head of Data Center (UK) and Global Storage at Rabobank. “If an inquiry changed scope, we might have to search the same systems with different criteria. We wanted to address the problem of consistently mining multiple data sources spread across many disparate silos with no obvious way of joining one communication type to another, by helping compliance teams work more flexibility and collaborate more easily.”
So, how does this global financial institution manage its communications governance amid the churn of siloed data assets, regulatory change and banks across the globe.
Rabobank engaged Hitachi to build a modern ingest-and-search data platform based on Hitachi Content Platform (HCP) technology. The solution transformed the bank’s compliance operations. Discovery searches can now be performed in hours instead of weeks. The compliance teams can efficiently and flexibly manage the auditable lifecycle and rapidly respond to regulatory investigations.
For the IT department, no data gets left behind. Every piece of relevant data now resides in a single place. By creating a central, comprehensive data set, Rabobank can perform compliance investigations with confidence, and maybe even a little time to spare.
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