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

A-Team Insight Blogs

Wachovia Expands Use of AC Plus To Boost Risk Data Quality

Wachovia Corp. has once again expanded its use of Asset Control’s AC Plus data management platform to boost the capabilities of its internal risk management function. Wachovia originally implemented AC Plus in its risk management operation in 2004 (Reference Data Review, January 2005) and subsequently extended its use to other areas of the enterprise as part of a three-year project (Reference Data Review, September 2005).

The latest expansion involves the addition of sources of market data used to support Wachovia’s risk management systems. The bank has added several undisclosed “complex data feeds” that it says will help “improve the quality of market data utilized within risk management” as well as offering that data throughout the bank.

Wachovia’s risk solution makes use of snapshot, end-of-day and time-series pricing information for interest rates, credit spreads, equities, FX and commodities, gathered and managed by the AC Plus platform. Additionally, AC Plus consolidates and validates data from external sources, including Reuters, Bloomberg, FT Interactive Data and Markit Group, to provide consistency and reliability.

Wachovia is making use of Asset Control’s range of four-dimensional graphing capabilities. This will allow the bank to analyze and survey data anomalies and trends over time.

Speaking at the ISIPS conference in London this month, Martijn Groot, head of product management at Asset Control, outlined how Asset Control’s audit and backtracking functions allow clients to standardize and consolidate disparate and often-conflicting price data from multiple sources into a single consolidated price that can be published to internal application.
The process involves applying client-defined business rules to incoming and internal data sources. These rules reflect the client’s approach to data management, and may range in complexity from a sophisticated algorithm to a simple average in order to arrive at a figure that the institution is comfortable with.

Related content

WEBINAR

Recorded Webinar: Entity identification and client lifecycle management – How financial institutions can drive $4 billion in cost savings

A new model in Legal Entity Identifier (LEI) issuance has created significant opportunities for financial institutions to capitalise on their KYC and AML due diligence. By becoming Validation Agents and obtaining LEIs on behalf of their clients, financial institutions can enhance their client onboarding experience, streamline their internal operations, and open the door to new,...

BLOG

Alveo Adds FactSet ESG Data Sets to Data Management Platform

Alveo has extended its commitment to ESG solutions with the integration of FactSet’s ESG data sets into its data management platform. It is also responding to buy-side firms’ requests to access, manipulate and analyse ESG data as part of broader efforts to achieve straight-through-processing for all reference data and deliver better data access to business...

EVENT

TradingTech Summit London

TradingTech Summit London will explore how trading firms are innovating in today’s cloud and digital based environment to create flexible, scalable trading platforms to support speed to market and business agility. Leveraging the cloud, AI and ML technologies to get an edge, automate processes and simplify operations in a cost effective way is the name of the game and will share practical insight from practitioners and technology leaders who are innovating and driving forward change in trading operations.

GUIDE

Risk & Compliance

The current financial climate has meant that risk management and compliance requirements are never far from the minds of the boards of financial institutions. In order to meet the slew of regulations on the horizon, firms are being compelled to invest in their systems in order to cope with the new requirements. Data management is...