3 Tips for Implementing Financial Data Standards

Mike Starr

As the U.S. financial regulatory agencies move from collecting information in plain-text documents to collecting that same information in an open, searchable data format, there were three major takeaways from the event that the regulators need to consider:

1. Identify and agree on standards in advance.

  • It’s a structure we all know on a gut level, but it bears repeating: do the legwork of aligning key stakeholders around a set of data standards before beginning the implementation process. Making those decisions in advance can preempt a huge number of problems related to misunderstandings and mismatched priorities.

  • 2. Don't reinvent the wheel.

  • It’s a structure we all know on a gut level, but it bears repeating: do the legwork of aligning key stakeholders around a set of data standards before beginning the implementation process. Making those decisions in advance can preempt a huge number of problems related to misunderstandings and mismatched priorities.

  • 3. Change the culture.

  • While it can be easy to forget when thinking about decisions related to data formats, the most critical aspect of integrating structured data into a regulatory agency’s processes is the human element.

  • When we look back in five or 10 years, Starr has no doubt that the significance and benefits of data-based standards for reporting financial information will be obvious. But the ease and efficiency with which we make that shift remains to be seen. By incorporating these insights from the Financial Data Summit into our approach, we can make our government operations smarter and more efficient.


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    Article: 3 Tips for Implementing Financial Data Standards
    Source: 
    Federal Times