The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

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

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.

Related content

WEBINAR

Upcoming Webinar: Adverse media screening – how to cut exposure to criminal activity, from money laundering to human trafficking

Date: 23 September 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Screening for adverse media coverage of counterparties is a significant challenge for financial institutions. It is required by regulations such as the EU’s sixth Anti-Money Laundering Directive (AML 6), and is one of the most effective ways to steer...

BLOG

Blackmore Capital’s Collaboration with OTCfin Completes Integration of ESG Factors into Investment Process

Blackmore Capital, a Melbourne-based asset manager set up in 2018, and New York-based OTCfin have completed the integration of ESG factors with financial data for all Blackmore portfolios. By incorporating ESG factors into Blackmore’s investment process, OTCfin’s risk and regulatory reporting solution will help the asset manager’s team improve portfolio monitoring from both a financial...

EVENT

RegTech Summit New York City

Now in its 5th year, the RegTech Summit in NYC explores how the North American financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

Entity Data Management Handbook – Seventh Edition

Sourcing entity data and ensuring efficient and effective entity data management is a challenge for many financial institutions as volumes of data rise, more regulations require entity data in reporting, and the fight again financial crime is escalated by bad actors using increasingly sophisticated techniques to attack processes and systems. That said, based on best...