In a climate where metrics seem to be ever more important, BISS Research is seeking to capitalise on this focus in data management with an upgrade of its benchmarking service for corporate actions vendors. For obvious reasons, risk management and STP have become key drivers for investment in the space (reducing headcounts and regulatory scrutiny being two such reasons), and BISS Research has duly added these factors to its benchmarking service.
Gary Wright, CEO of BISS Research, claims the service is “the only truly independent research company to focus on raising the standards in worldwide corporate actions.” In accordance with this claim of independence, he indicates that feedback from those involved in the benchmarking report has been the impetus for the addition of these new categories.
“We noted that there was an overwhelming demand for a greater concentration on core processes to achieve STP. As a result we have spent some considerable time revamping the questionnaire with our benchmarking panel” he explains. “A secondary request was to try and measure the risks within the corporate actions processes and quantify the benefits of systems in reducing them.”
Wright reckons this new questionnaire will set the bar higher for software vendors involved in the benchmarking process. “We will shortly announce the first vendors who have already committed to participate in this years corporate actions benchmarking,” he adds.
The idea of a benchmarked service is certainly appealing to the data community at large; discussions at last year’s FIMA in London focused on the need for metrics in order to get senior management buy in. This is especially the case when times are tough and departments have to go the extra mile to get funding for projects. However, how much these benchmarks hold water when under scrutiny by financial institutions is another matter.