Over the past decade, Nordea Bank, along with the broader financial sector, has faced a surge in regulatory demand. Not only are banks expected to produce more data that answers new and increasingly nuanced questions, but they must meet a higher standard of data quality. Agencies also expect this information delivered at a faster rate, with several regulations mandating that information be reported mere days after an event.
At the same time that Nordea grappled with this explosion in regulatory demand, its operational costs and profitability were an increased point of focus in the organization. With ambitious goals set around reducing the costs of its regulatory reporting, Nordea sought out new technologies that would help improve its efficiency while maintaining (or improving) its reporting quality.
Paul Damien Lynn explains how a new approach to exploring and preparing diverse data reduced Nordea’s time to market by over 85% to meet regulations and how transitioning data preparation and ETL from IT into the hands of business analysts and stakeholders was key to accelerating compliance reporting.
Paul Lynn leads the product engineering team at Nordea, where he and his team are helping deliver Nordea’s next-generation data services and data platform. Previously, Paul spent nine years working at investment banks in London. Paul holds a MA in psychology from the University of Dublin, Trinity College, and an MPhil in social and development psychology from the University of Cambridge. Outside of work, he supports an educational charity, plays cello, and goes sailing.
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