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

Strong Governance and Audit Trail is Key in the Data Management Endeavour, Says UBS’ Lux

Subscribe to our newsletter

The challenge of getting a whole firm “into the same boat” and understanding the true benefits of a data management project requires strong leadership and governance from the outset, said Hans Lux, enterprise data architect at UBS Global Asset Management, to the delegation in attendance at TSAM 2010 earlier this week. The importance of data governance is far from a new concept, but Lux stressed that firms should use the audit trail to their advantage in the current environment where regulatory scrutiny is so intense.

The cross border environment has also made data management projects much more important and much more challenging, added Lux. “There is a much higher requirement for control and governance of data when it is being dealt with across borders. If your vendor is based outside of your own country or you have opted to offshore, for example, you need to keep strong service level agreements (SLAs) in place and adopt a true partnership approach.”

Lux contended that those in charge of the overall data projects need to remain involved in a hands on manner, even if outsourcing or offshoring has been chosen as the new model. He told delegates to “beef up” the monitoring functions in order to check that SLAs are being met: “Trust is good but control is better.”

This issue was a common theme throughout the day at TSAM and many speakers from both the practitioner and vendor camps were keen to stress the importance of SLAs. Given the level of scrutiny that is being directed at vendor solutions from their customers due to current cost and risk management pressures, this advice is not surprising. Regulators want more data from the firms under their watchful gazes and, in turn, these firms want higher levels of service from their providers in order to meet these new requirements.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: The roles of cloud and managed services in optimising enterprise data management

Cloud and managed services go hand-in-hand when it comes to modern enterprise data management (EDM), but how can the best solutions for the business be selected and implemented to ensure optimal data management based on accurate, consistent, and high-quality data, and delivering improved efficiency, better decisions and competitive advantage? This webinar will answer these questions,...

BLOG

SIX Invests in BITA to Enhance Global Benchmark Platform and Expand Indexing Technology Services

SIX, the Swiss financial data and market infrastructure provider, has made a strategic investment in BITA, the indexing technology and services company. The move aims to bolster a range of ongoing joint projects and fast-track the global expansion of SIX’s benchmark platform. Existing BITA shareholders, including ETFS Capital, Volta Ventures, and Pamica NV, have also...

EVENT

TradingTech Summit London

Now in its 13th year the TradingTech Summit London brings together the European trading technology capital markets industry and 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

Fatca – Getting to Grips with the Challenge Ahead

The industry breathed a sigh of relief when the deadline for reporting under the US Foreign Account Tax Compliance Act (Fatca) was pushed back to July 1, 2014. But what’s starting to look like perhaps the most significant regulation of the next 12 months may start to impact our marketplace sooner than we think, especially...