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Big Data: managing legal and operational risk
Banks that use big data tools face numerous compliance risks, and will need to tread carefully to avoid breaking national or international laws
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Banks and financial institutions are among the most heavily regulated businesses globally. In the UK, the Financial Conduct Authority obliges firms to conduct due diligence where they rely on a supplier to provide a technology solution. Where firms outsource the provision of a solution, the FCA lays down specific considerations regarding legal and regulatory responsibilities.
Similar requirements apply in many other countries. For example, banks with a US presence proposing to rely on third
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