“We’re moving from defense to offense. After years of focusing on regulatory and compliance reporting, we are pivoting to use our data assets for innovation.”
This comment was said by Joan dal Bianco of TD Bank at MIT’s gathering of CDOs last year. It was a bit of a celebratory moment for the banks present: all had passed the Comprehensive Capital Analysis Review (CCAR), a regulatory framework created by the Federal Reserve to oversee large US banks and other financial institutions. According to CIO Magazine, it was the first time banks had all passed the CCAR, thanks to the greater data accuracy that followed their big investments in data management infrastructure, which in turn is allowing them to turn to offense.
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