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

Downstream Users Need to be Made Aware of Upcoming Data Management Changes, Warns Deutsche Bank’s Walker

Subscribe to our newsletter

Getting buy in from senior management and understanding from those at the grassroots level with regards to tackling data management challenges has become much easier as a result of the current industry focus on data, said Shannon Walker, IT architect at Deutsche Bank, to delegates to yesterday’s TSAM event in London. However, she warned that firms must involve those in the “middle”, namely end users from the business side, in data management projects in order to ensure they are on board with the changes and that the overall project is a success.

Building consensus for the launch of a data management project is easier from the grassroots level of those that have to deal with the data on a daily basis because they appreciate the challenges involved, said Walker. Senior management is also more aware than ever before of the threat posed by faulty data as a result of intense regulatory scrutiny of this space. “Those in the middle, however, are not so happy to move from the current status quo and you may struggle to get buy in from those not directly exposed to the data management challenges,” she warned. “This is why you need to set metrics in place to demonstrate the successes that are being achieved and the weaknesses that remain.”

This argument is not a new one and has been a recurring subject of discussion at reference data management events over the last five years. Communication is therefore key in guaranteeing the success of a data management project, be that between data managers and the C-level, or data stewards and end users.

There is still a level of under-appreciation about the behind the scenes work that goes on to guarantee data quality, said Walker, but this is changing. Data managers need to be smart about choosing metrics to demonstrate the cost saving benefits of projects in order to get buy in at all levels. “This could involve proving a reduction in time to market for new products or in the ability to service end clients better by spending their money more appropriately,” she elaborated.

However, some aspects of fixing data management problems can be subjective, noted Walker, and this can make the process of justifying spend and getting buy in for a second phase more problematic.

Walker warned that care must also be taken if an asset manager opts to outsource data management altogether. “If you outsource a badly designed process then it will become even worse. You need to work on fixing the problems before you throw it over the wall,” she said.

Her overall recommendation was to view any data management endeavours as part of an overall programme rather than individual projects. “That way you follow the changes as they go along and realise that it is an ongoing endeavour that you can’t just walk away from,” she concluded.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The time is now for buy-side firms to re-evaluate their approach to data management

Increased cost pressures, rising volumes of data, and the challenges of legacy systems are pushing buy-side firms to re-evaluate current approaches to data management. The aim is cost-effective, optimised data management that can provide flexibility and scalability, support various data types including ESG data, and ensure headroom for development in line with business objectives. Achieving...

BLOG

A-Team Group Names Winners of Data Management Insight Awards – Europe 2022

Congratulations to the winners of A-Team Group’s Data Management Insight Awards – Europe 2022. These awards recognise both established solution vendors and innovative newcomers providing leading data management solutions, services and consultancy to capital markets participants across Europe. This year’s Data Management Insight Awards – Europe were presented by Olympic Athlete, Derek Redmond after a...

EVENT

RegTech Summit APAC

Now in its 2nd year, the RegTech Summit APAC will bring together the regtech ecosystem to explore how capital markets in the APAC region can leverage technology to drive innovation, cut costs and support regulatory change. With more opportunities than ever before for RegTech to add value, now is the time to invest for the future. Join us to hear from leading RegTech practitioners and innovators who will share insights into how they are tackling the challenges of adopting and implementing regtech and how to advance your RegTech strategy.

GUIDE

Regulatory Data Handbook 2022/2023 – Tenth Edition

Welcome to the tenth edition of A-Team Group’s Regulatory Data Handbook, a publication that has tracked new regulations, amendments, implementation and data management requirements as regulatory change has impacted global capital markets participants over the past 10 years. This edition of the handbook includes new regulations and highlights some of the major regulatory interventions challenging...