Coronavirus Business Interruption Scheme (CBILS) and Bounce Back Loan Scheme (BBLS) lenders are likely to be faced with additional FCA regulatory and other data demands over the next period.
In the UK government’s rush to extend emergency Covid-19 loans over 50 lenders have been approved as providers of the CBILS and BBLS without providing clarity on regulatory reporting or operational data requirements.
Regulatory Reporting – increased scrutiny on regulatory reporting returns to evidence the accuracy and quality of the underlying data by regulators (FCA/FOS/PRA/Bank of England)
Complaints – protect against by keeping accurate records and data. The FCA/FOS are working closely to protect small business consumer rights and as potential complaints increase over time effective management of records and data will be required
Managing Financial Crime – increased prevalence of financial crime related to CBILS/BBLS will require additional discipline with data management
Data Analytics - exploitation for V or U shaped recovery will demand increased levels of data management effectiveness and data quality
COOs and CDOs should be acting now in order to protect their business by building effective data governance, management and controls to manage the unique risks with CBILS/BBLS and harness the opportunities. Quaylogic can help organisations to establish the data management capability to meet these additional regulatory requirements.
Contact the author: Campbell Paterson (Quaylogic Data Management Expert) campbell.paterson@quaylogic.com