About a-team Marketing Services

A-Team Insight Blogs

Patni Computer Systems Unveils Reference Data Management Solution for Financial Services Firms

Subscribe to our newsletter

Patni Computer Systems, a global IT and BPO services provider, today introduced PatniRADAR, a multi-step Reference and Data Rationalisation (RADAR) program that will help financial services companies mitigate their risk and rationalise the cost of managing their reference data. PatniRADAR is a fixed-price, fixed-deliverable solution, with a short-duration engagement, aimed at achieving significant and quick cost and risk reductions. The solution is the first offering from a comprehensive nine-component holistic Reference Data Management solution developed by Patni to assist financial institutions in optimising their reference data environments.

“Reference Data Management has emerged as a key business imperative for global financial institutions as they are confronted with challenges of increased regulatory scrutiny and wider risk exposure in a tight economy,” said Ganesh Iyer, senior vice president and global head, BFSI, Patni. “Inadequate Reference Data Management practices expose financial services firms to a variety of risks, including failed trades, poor governance, wasted money, and regulatory penalties,” he added.

PatniRADAR addresses these issues through a Patni-built automated analytical system called the Cross Reference Interrogator combined with manual visualisation tools and processes by in-house reference data experts. It identifies, catalogs and evaluates all vendor and internal reference data feeds, creating a cross reference of each element. Patni is then able to visualise purchase frequency, data duplication, management and data distribution patterns and can quickly build a cost savings and risk.

Using the PatniRADAR program, companies can:

Determine where to eliminate unnecessary, duplicate reference data purchases

Build the supporting information to integrate an enterprise reference data architecture

Optimise the central vs. silo repository distribution plan

Identify data no longer being used

Understand who is using what data and in what volume

Pinpoint where to streamline data management — upstream and downstream

Create better vendor contracts.

Patni’s independently funded research across 52 institutions indicates that on an average 25 percent of annual reference data spend is wasted on duplicate data purchases and inefficient data governance, resulting in a lack of control over data cleansing, data management and distribution. The research also highlighted that majority of institutions have inadequate Reference Data governance plans and are unaware of the data usage pattern once it enters their system.

“Even in mid-tier financial institutions, reference data related problems generate US $3 million to $5 million in annual waste in addition to increased risk exposure,” said Fred Cohen, group vice president and global head of Capital Markets and Investment Banking Practice, Patni. “Using our PatniRADAR program, we can help financial institutions accrue cost saving and risk mitigation benefits, thereby enabling them to take control of their reference data issues,” he added.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: How to automate entity data management and due diligence to ensure efficiency, accuracy and compliance

Requesting, gathering, analysing and monitoring customer, vendor and partner entity data is time consuming, and often a tedious manual process. This can slow down customer relationships and expose financial institutions to risk from inaccurate, incomplete or outdated data – but there are solutions to these problems. This webinar will consider the challenges of sourcing and...

BLOG

Informatica Accelerates Data Integration and Replication in Snowflake Ecosystem

Informatica has added three product capabilities to bring greater simplicity, speed, and performance to data integration and replication for customers in the Snowflake ecosystem. The products include Informatica Superpipe for Snowflake that delivers up to 3.5x faster ingestion and replication into Snowflake. Superpipe uses capabilities of Snowflake’s Snowpipe streaming and Informatica’s cloud data integration platform...

EVENT

Buy AND Build: The Future of Capital Markets Technology, London

Buy AND Build: The Future of Capital Markets Technology London on September 19th at Marriott Hotel Canary Wharf London examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions.

GUIDE

Regulatory Data Handbook 2023 – Eleventh Edition

Welcome to the eleventh edition of A-Team Group’s Regulatory Data Handbook, a popular publication that covers new regulations in capital markets, tracks regulatory change, and provides advice on the data, data management and implementation requirements of more than 30 regulations across UK, European, US and Asia-Pacific capital markets. This edition of the handbook includes new...