With regulatory compliance still at the top of the agenda and business demand for meaningful data rising, is your firm’s data management strategy effective? Join next week’s A-Team Group Data Management Summit in New York City to answer the question with the help of Peter Moss, CEO of the SmartStream RDU.
Moss will discuss today’s data management challenges, including rising customer expectations around electronic transactions, the need to implement data mining and artificial intelligence solutions to differentiate your trading business, and the regulatory requirement to provide full visibility into your systems, processes and data. He will also touch on the CEO’s desire for the company to be ‘digital’.
These challenges are, and will continue to be, immense – but they can be met with a strong master data foundation.
So how do you build that foundation? Sourcing data from one vendor will leave you with data gaps and limited commercial leverage. Multiple data vendors can provide better data coverage, but the data will use different standards and formats and you will need to manage the mapping. To manage the mapping, you will probably have implemented an enterprise data management (EDM) solution and the rules you defined will be complex and constantly changing, and there will be many manual exceptions and workarounds. If your EDM solution looks rather like this, it could be holding back your trading business.
Considering the challenges of data management and the problems posed by vendor data and ageing systems, Moss will move the story forward and discuss the potential of the utility model to manage data on your behalf and provide access to accurate, standardised master reference data that can meet the needs of your compliance, risk management and business data users.
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