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

Make Data Management Tangible for Executives in Order to Secure Funding, advises Oppenheimer’s Giordano

Subscribe to our newsletter

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 management understand the tangible results that can be gained, and thus secure funding.

In his presentation Giordano, who is executive director of institutional equities at Oppenheimer, illustrated the point with specific business cases at his firm. For example, Oppenheimer leveraged two years’ worth of compliance efforts, which had resulted in many key data elements such as legal entity data and hierarchical structures, in order to generate client profitability analytics. “The costs of execution by client, or looking at settlement costs by client, may be disparate areas but when rolled up can become a very powerful tool,” he told delegates.

Another example he cited was the work done to support the Order Audit Trail System (OATS) yielded valuable data enabling them to view and adapt trader behaviour, monitor smart order routing techniques, use the information to negotiate with vendors, and improve profitability. For example when looking at their order routing, they realised that for three exchanges, which were expensive to maintain connections to, less than 1% of order flow went through them. A decision was made to ‘kill’ the connectivity, resulting in significant savings for the firm.

He said: “You need salesmanship to get funding for enterprise data management projects.” He suggested that you look not just at the specific problem you’re solving but the long term goal and spell out the tangible results along the way. “Sometimes, however, you have to leave the complex or great ideas that develop through the project on the cutting room floor in order to deliver on time and on budget for senior management.”

Once you’ve delivered your project, be sure to go back to the business case you made and ask if you’ve delivered on all of it. “It’s important to look at what was promised,” he said, otherwise it’s unlikely you’ll get support for future projects. It is also useful to open up the service to other business groups even if they didn’t participate as you can provide them with useable tools and widen the buy-in for the project.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Approaches to ESG data for the Sustainable Finance Disclosure Regulation (SFDR)

The EU Sustainable Finance Disclosure Regulation (SFDR) outlines extensive rules designed to ensure transparency across sustainable financial markets. It also demands huge volumes of non-financial ESG data to be sourced, managed and governed, some of which is difficult to find, and much of which is unstructured and of variable quality. The data challenge is exacerbated...

BLOG

Clamour for ESG Data Makes Good Management Crucial

ESG data is now core to banks’ and financial institutions’ operations, their compliance and risk processes and the products they offer investors. For that reason, it’s crucial that this data be managed properly and treated in the same way as other datasets. Without good data management, banks can be left commercially and legally exposed, vulnerable...

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

What the Global Legal Entity Identifier (LEI) Will Mean for Your Firm

It’s hard to believe that as early as the 2009 Group of 20 summit in Pittsburgh the industry had recognised the need for greater transparency as part of a wider package of reforms aimed at mitigating the systemic risk posed by the OTC derivatives market. That realisation ultimately led to the Dodd Frank Act, and...