The Summit, hosted by the Data Coalition, is expected to draw more than 500 policymakers and others to focus on modernizing the data processes and formats used by financial regulatory agencies. The Data Coalition’s goal is to transform the agencies’ information from disconnected documents into digital, standardized data.
Summit speakers will include Congressional supporters of data transparency, along with leaders from financial regulatory agencies and the financial and technology private sectors. Participants will focus on the Financial Transparency Act, which is being reintroduced in Congress by Rep. Darrell Issa (R-CA), Rep. Carolyn Maloney (D-NY) and more than 25 other bipartisan members of the House of Representatives.
If enacted, the Financial Transparency Act would require the eight major U.S. financial regulatory agencies to adopt consistent data fields and formats for the information they are required to collect under existing securities, commodities and banking laws. The Act would also require regulators to use algorithms to process and analyze the information they receive quickly and efficiently, thereby saving taxpayer resources and enabling earlier detection of fraud and data errors.
“We strongly support the efforts of the Data Coalition to advance digital data standards,” said Matt Rizai, Chairman and CEO of Workiva. “A uniform data standard will make regulatory compliance simpler and easier for companies and agencies.”
“As the Data Foundation’s latest report shows, countries like Australia are reducing compliance costs by billions of dollars by replacing document-based regulatory reporting with open, structured data,” said Hudson Hollister, Executive Director of the Data Coalition. “Here in the United States, reforms such as the Financial Transparency Act are moving our financial regulators in the same direction. As data replaces documents, the new RegTech industry can deliver transparency for investors, analytics for agencies and cheaper compliance for the private sector.”
“Workiva has helped thousands of companies save time and money by streamlining and automating business data processes, and we want to help government agencies realize the same benefits,” said Rizai.
Workiva (WK) delivers Wdesk, an intuitive cloud platform that modernizes how people work within thousands of organizations, including over 70 percent of the FORTUNE 500®. Wdesk is built upon a data management engine, offering controlled collaboration, data integration, granular permissions and a full audit trail. Wdesk helps mitigate risk, improves productivity and gives users confidence in their data-driven decisions. Workiva employs more than 1,200 people with offices in 16 cities. The company is headquartered in Ames, Iowa. For more information, visit workiva.com.
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About the Data Coalition
The Data Coalition advocates on behalf of the private sector and the public interest for the publication of government information as standardized, open data. Open data enhances accountability, improves government management, reduces compliance costs, and stimulates innovation. For more information, visit datacoalition.org.