About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Citi Blazes a Trail for Counterparty Data Management, Berlanger Provides Update Four Years on

Subscribe to our newsletter

It has been four years since Citi first began its counterparty data management project as part of its overall push in the enterprise data management (EDM) space, which at the time was spearheaded by former chief data officer (CDO) John Bottega. The initial focus was on achieving a unique identifier for entity data across the firm as a whole and in order to achieve that, Citi managed to “syndicate the vision” of entity data, explained Geert Berlanger, director in charge of data quality at Citi, to attendees to A-Team Group’s recent seminar on counterparty risk.

All of the firm’s business units are now aware of the importance of counterparty data quality and are beginning to feed back requests in terms of new data items to be added, said Berlanger. “This is a completely different dynamic from when the project first started. The business is engaged in the data quality initiative and is actively involved in the process,” he added.

Citi is now able to take this downstream feedback and build new controls into the data management process in order to ensure a consistent level of data quality. This is in keeping with the firm’s overall focus on keeping end users engaged in the process, as elaborated upon by former global head of customer data Julia Sutton during her many discussions at FIMA over the last four years.

Berlanger worked alongside Sutton, before she moved on to Royal Bank of Canada, and was heavily involved in the communication process with the internal end users. The team also spent a long time developing a certified gold copy customer database, in order to provide an intuitive, easy to use search system for end users. They worked with Microsoft FAST Search technology and Search Business Consulting (SBC) to integrate two customer information sources and achieve a golden copy record of this data earlier this year. The bank also implemented a reconciliation hub from software vendor Web Services Integration (WSI) in 2008: the Xceptor Product Suite Reconciliation Hub. The rollout was aimed at affording Citi more control over its data and increasing the time available for data analysis by automating its retrieval.

The latter part of the project has involved working with Avox and Markit to normalise and validate Citi’s customer data and documentation. The focus on achieving a clean entity database means that the firm is now able to deal with different data feeds from a range of different vendors and be reassured that the mapping process can support this complexity, said Berlanger.

Kate Young, chief data architect at Avox, added that Citi is now a long way down the route to achieving a golden copy of entity data, as the focus is currently on keeping the data current. “The data must now be routinely maintained and the team has to ensure that records are created for every issuer as and when they are required. Everything has finally been mapped internally,” she concluded.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: How to harness the power and potential of ownership data

Date: 5 October 2022 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The importance of ownership data has escalated over the past few years as financial institutions have acknowledged its potential. Key use cases include integrated risk assessment, which uses ownership data to help financial institutions gain a clear understanding of...

BLOG

LSEG Expands Digital Identity Capability with Acquisition of Global Data Consortium

London Stock Exchange Group (LSEG) has signed a definitive agreement to acquire Global Data Consortium, a provider of high-quality identity verification data to support clients Know Your Customer (KYC) requirements. LSEG says the acquisition is aligned to the group’s vision of becoming a market leading global digital identity and fraud solutions provider. GDC, combined with...

EVENT

TradingTech Summit London

Now in its 11th year the TradingTech Summit London brings together the European trading technology capital markets industry, to explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility.

GUIDE

Preparing For Primetime – How to Benefit from the Global LEI

They say time flies when you’re enjoying yourself, and so it seems the industry have been having a blast with its preparations for the introduction of the global legal entity identifier (LEI) next month. But now it’s time to get serious. To date, much of the industry debate has centred on the identifier itself: its...