CUSTOMER AUDIT LOGGING FOR COMPLIANCE PURPOSES USING BIG DATA

Abstract

In the rapidly evolving financial sector, compliance with regulatory standards and the management of banking security have become paramount. This paper explores the pivotal role of customer audit logging within the compliance and regulatory adherence framework, leveraging big data analytics. With the increasing prevalence of fraud and disputes in digital transactions, traditional audit mechanisms struggle to keep pace with the sophisticated tactics employed by malicious actors. By integrating big data technologies, financial institutions can enhance their audit capabilities, enabling more effective monitoring, detection, and analysis of transactional data. This approach supports compliance with stringent regulatory requirements and fortifies banking security against fraud. Through a comprehensive review of the current compliance landscape, security challenges, and the transformative impact of big data on audit processes, this paper highlights the advancements and potential strategies for mitigating risks and ensuring regulatory compliance in banking.