Mark Connolley, senior manager in the capital markets practice at Accenture, said at Finexpo that many financial firms needed to review the way they store and distribute data.
Regulations such as Sarbanes-Oxley and the forthcoming Basel2 require financial firms to show they have adequate systems in place for storing vast amounts of financial data to help them measure risks better and tighten financial reporting.
Connolley advised IT directors to work towards having just one datawarehouse for storing the most important financial data (credit and market) and store other information in smaller datamarts.
Having fewer datawarehouses will cut IT support costs. Creating a central repository of data will also help firms gain a single view of customers by having the same name and account details across different business lines.
This will require IT directors to work closely with business heads from other departments who control the type of data flowing into the organisation company, rather than where it is stored, he added.