Data Governance &
Compliance Automation:
Impact on UK Finance
Professionals

Data Governance & Compliance Automation: Impact on UK Finance Professionals

Although it’s been in force for some time, GDPR remains one of the world’s strongest privacy and security laws. Data governance and compliance automation are now crucial for managing the increasing complexity of regulations, helping financial institutions stay compliant without straining their operations. In this blog, we’ll look at how automation is helping data professionals in the finance sector tackle challenges and boost efficiency.

Navigating Increasing Regulatory Complexity

Financial institutions are now required to handle large volumes of personal data with stringent safeguards in place. Manual compliance processes, which were once the norm, have become too time-consuming and error-prone to meet these demands.

As a result, many institutions have turned to automated compliance tools. These tools significantly reduce the time data professionals spend on compliance tasks, with some reports showing that manual processes can take up to 40% of their time. Automation allows firms to manage compliance more efficiently, freeing up resources to focus on core business functions.

This is why we recommend inquiring about deepeo. Though we’ll go on to cover how our compliance software addresses many issues for finance professionals, an important place to start is with efficiency. Having the right tool in place to reduce downtime –  while providing robust solutions to data management – can vastly improve the peace of mind finance professionals.

Sound good? Let’s explore more areas that deepeo has been designed to support.

Mitigating Non-Compliance Risks

Non-compliance with GDPR can lead to heavy financial penalties and reputational damage. In 2024 alone, fines in the UK finance sector increased by 25%, and inadequate data governance was a major contributor. For finance professionals, ensuring compliance with evolving regulations can be an overwhelming task, particularly when relying on manual processes.

Automation offers a clear solution to this challenge by standardising data governance processes and reducing the likelihood of errors that could lead to non-compliance. A significant portion of financial institutions have faced fines due to poor data governance, reiterating the need for tools that can keep up with regulatory requirements and mitigate these risks.

Addressing Multi-Cloud Data Management Challenges

The increasing adoption of multi-cloud environments has created new challenges for maintaining consistent data governance and compliance. With data distributed across multiple platforms, finance professionals are finding it difficult to meet data residency and security requirements.

Nearly 58% of UK financial institutions report that maintaining GDPR compliance in a multi-cloud environment is a top challenge.

Automated compliance tools are critical in this context, providing a unified solution that can manage data governance across different platforms while ensuring regulatory requirements are met. Deepeo has been designed to be compatible with most database technologies, meaning it can be seamlessly integrated with your current software without the need for a costly bespoke system.

Boosting Operational Efficiency with Automation

Manual data governance processes are not only time-consuming but also prone to human error, leading to compliance risks. Automation can streamline these processes, improving both accuracy and operational efficiency. Financial institutions that have adopted automated compliance solutions report a 30% reduction in compliance-related errors.

Despite these benefits, many organisations are still slow to adopt compliance automation, citing high implementation costs as a barrier. However, the long-term benefits of reducing errors and improving efficiency often outweigh the initial investment, making automation a crucial strategy for staying competitive and compliant.

Deepeo’s licensing and service engagement models can be adapted to suit your needs. With implementation support, training and proof of concept as part of our service, we ensure a smooth integration process, helping you achieve GDPR compliance efficiently and effectively.

Keeping Pace with Evolving Regulations

Data privacy regulations, particularly GDPR, are continuously evolving, and keeping up with these changes is an ongoing challenge for financial institutions.

Nearly 65% of compliance officers in the UK finance sector report feeling overwhelmed by the need to regularly update their governance frameworks to meet new regulatory requirements.

Automated tools can help institutions stay ahead of regulatory changes by automatically updating compliance processes in line with new rules. This ensures that financial institutions remain compliant and avoid costly fines or operational disruptions.

Conclusion: The Future of Data Governance and Compliance

As the regulatory landscape continues to evolve, UK financial institutions will need to rely more on data governance and compliance automation to manage their obligations effectively. Automation not only reduces the time and effort required for compliance but also helps mitigate risks, improve operational efficiency, and ensure that institutions can keep pace with regulatory changes.

By investing in scalable, automated compliance solutions, financial institutions can future-proof their operations and stay ahead of the growing regulatory burden. This shift is essential to maintaining a competitive edge while ensuring compliance with the ever-expanding array of data privacy laws.

To learn more about how deepeo can support your business, contact Ana Altrogge directly: ana.altrogge@infotel.com