The leading knowledge platform for the financial technology industry
The leading 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

Share article

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.

Related content

WEBINAR

Recorded Webinar: GDPR Programme Insights for GDPR Readiness

Don’t miss this opportunity to view the recording of this recently held webinar. General Data Protection Regulation (GDPR) takes effect on May 25, 2018, requiring financial institutions to meet stringent new rules on managing the personal data of EU residents, and setting astronomic fines for those that fail to comply. The webinar will discuss the...

BLOG

Ones and Zeros: How Asset Managers Can be Digital Transformation Heroes

By Phil Davies, CTO of Milestone Group. The pace of digital transformation in asset management has been referred to as glacial. However, this new decade comes at an inflection point – over the past couple of years, the discussion has picked up considerably with firms finally embracing the digital ecosystem. People have built up both confidence...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that will be held in May 2021 with an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Regulatory Data Handbook – Fifth Edition

In response to the popularity of the A-Team Regulatory Data Handbook, we have published a fifth edition outlining the essentials of regulations that are likely to have an impact on data and data management at your organisation. New to this edition is a section on RegTech, covering drivers behind the development of innovative regulatory technology,...