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3 Tips for Implementing Financial Data Standards
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.
2. Don't reinvent the wheel.
3. Change the culture.
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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