Keeping a Team Onshore to Monitor Data Quality is Key, Agrees Offshoring and Outsourcing Panel
Institutions should keep a small team of data experts on board in order to adequately monitor that service level agreements are being met by outsourcing providers and data requirements are being catered to by offshore teams, agreed FIMA 2008’s panel on offshoring and outsourcing. Susan Outzen, business relationship manager in the enterprise data management (EDM)...
Keeping it Simple and Using Common Message Standards is Vital, Says Integration Panel
In order to reach the goal of consistency across new best of breed software and legacy systems, firms need to make sure users understand and use common message standards, said Sally Hinds, global head of enterprise data management (EDM) at HSBC. Her fellow panellists agreed that a shared format for all business applications and normalisation...
Netik’s Hale Says Fear Rather Than Greed Driving Institutions to Invest in Data Management
Keith Hale, executive vice president and co-founder of Netik, opened the second day of FIMA 2008 by quoting Warren Buffet in a data management context: “Financial markets are either driven by greed or fear, according to Warren Buffet, and it seems that recent times have flipped the driver from greed to fear. This fear is...
Make Data Management Tangible for Executives in Order to Secure Funding, advises Oppenheimer’s Giordano
If you’re going to take a federated approach to data management in order to solve issues, such as regulatory compliance, Peter Giordano of Oppenheimer & Co. advised delegates at FIMA 2008 that you make your business case tangible by including such things as “neat analytics” or dashboards for the front office, in order to help...
Will SLA’s be Re-Evaluated After Tumultuous Times Highlight Response Issues?
Service level agreements were a key topic in this morning’s roundtable discussions at FIMA 2008, with one data manager at a Tier 1 financial institution suggesting that many SLA’s are now likely to be revisited in order to achieve better responses from their data suppliers after the current market conditions highlighted the need for faster...
JPMorgan’s Serenita Debates the Issue of Truth in the Data Management World
The success of a data management project should not be measured on achieving an idealistic version of the “truth”, it should be focused on data integration and downstream impacts, said Peter Serenita, chief data officer at JPMorgan Securities Services. “Although the integrity and accuracy of the data is important, institutions must focus on distributing and...
The Front Office is Not Your Enemy, it’s Your Client, Says WestLB’s Eldridge
In order to receive management buy-in, data management teams need to treat the front office as a client rather than as an enemy, said Michael Eldridge, head of European operations control at WestLB. “We need to dispel the myth that centralised data management is a luxury, build a better business case for investment by measuring...
An Incremental and Practical Approach to Data Integration is Best, Agrees Golden Copy Repository Panel
In order to ensure that downstream departments remain in synch with central data management projects, firms must adopt an incremental and practical approach to data integration, agreed FIMA’s panel on the practicalities of managing a golden copy repository. Peter Giordano, executive director of institutional equities at Oppenheimer & Co, recommended that firms roll out the...
WestLB Goes Live with Asset Control’s AC Plus to Extend Instrument Coverage
German headquartered bank WestLB has gone live with Asset Control’s AC Plus financial and reference data management software to support its back office operations and day to day user requirements across its businesses worldwide. According to the vendor, WestLB required a solution that would enhance data quality and breadth of instrument coverage. Accordingly, Asset Control’s...
Institutions Must Keep a Close Watch on Their Vendors, Says Credit Suisse’s Largier
Financial institutions need to be proactive in the management of their vendor relationships, said Peter Largier, global head of reference data analysis and projects at Credit Suisse. “You need to professionally evaluate the service you are getting from your data vendors,” he told delegates to FIMA 2008. Largier focused his session on how to get...