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.