Big Data: managing legal and operational risk

Banks that use big data tools face numerous compliance risks, and will need to tread carefully to avoid breaking national or international laws

Big data concept

Banks and financial institutions are among the most heavily regulated businesses globally. In the UK, the Financial Conduct Authority obliges firms to conduct due diligence where they rely on a supplier to provide a technology solution. Where firms outsource the provision of a solution, the FCA lays down specific considerations regarding legal and regulatory responsibilities.

Similar requirements apply in many other countries. For example, banks with a US presence proposing to rely on third

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