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

A-Team Insight Blogs

Wachovia Picks Asset Control’s AC Plus for Risk Management

Wachovia Corp. is implementing a data management solution from Asset Control to handle price data for its risk management operations within its corporate investment banking arm. It is envisaged that the data management platform could be extended over time to other groups within Wachovia, including credit products and equity derivatives.

Barry Fenwick, divisional information officer of Wachovia Corporate Investment Bank, says, “Strategically we are moving towards a more centralized model. Asset Control will help us to achieve this.”

Wachovia, the fourth largest banking holding company in the U.S., has to date operated its own in-house data management solutions, which are fragmented across different business lines. The company decided it wanted to improve controls and the quality of data it used within its risk models.

Fenwick says, “The Asset Control technology being deployed on this project will improve our risk management and research capability. The new platform will allow us to leverage our comprehensive market history and provide additional analytical services to our clients.”

Asset Control was selected for proof of concept testing in September of last year, after an evaluation period during which Wachovia evaluated a variety of data management solutions. The chosen platform is now being rolled out across the risk management division through the first quarter of 2005.

The Wachovia system will be based on Asset Control’s “turnkey” AC Plus solution. AC Plus will integrate, cleanse, standardize and distribute data such as snapshot, end-of-day and time-series pricing information. This will cover interest rates, credit spreads, equities, foreign exchange, and commodities.

Wachovia will be leveraging several of Asset Control’s pre-built interfaces to data vendors. These vendors reportedly include Bloomberg, Reuters, and credit pricing company Markit, as well as internal data sources.

Like many managers, Fenwick says that for measuring the success of the implementation, Return on Investment calculations is not a useful measure. “Likely benefits are improved quality and controls, which ultimately will lead to lower costs.”

AC Plus is based on the AC Server for aggregation, cleansing and storage of data. As well as the off-the-shelf data interfaces, it provides pre-build mapping tables and cleaning rules and alignment of the data model to the ISO 15022 data dictionary. Extensions of the service include the AC Data Analyzer for extensibility of mapping and cleansing rules, the AC Desktop for system management and model extension and AC Web Client for remote access.

Ger Rosenkamp, chief executive officer of Asset Control, says, “Turnkey delivery of data management solutions enables our customers to … reduce implementation time and focus on their projects, instead of the software.”
Asset Control also offers an outsourced version of AC Plus in the form of ACDEX.

Related content

WEBINAR

Upcoming Webinar: Brexit: Reviewing the regulatory landscape and the data management response

Date: 11 May 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes With Brexit behind us and the UK establishing its own regulatory regime having failed to reach equivalence with the EU, financial firms face challenges of double reporting, uncertainty about UK regulation, and a potential exodus of top talent. The...

BLOG

Observational Learning Boosts Data Quality, Improves Reconciliations, Cuts Costs of Exceptions

Large data volumes and manual data validation techniques are making it difficult for firms to achieve levels of data quality required to support seamless transaction processing and regulatory reporting. The problem is exacerbated by MiFID II and other emerging regulations that impose new processes on transaction reporting, including reconciliation of transactions from the trade repository...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that will be held in June 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

The Data Management Implications of Solvency II

Bombarded by a barrage of incoming regulations, data managers in Europe are looking for the ‘golden copy’ of regulatory requirements: the compliance solution that will give them most bang for the buck in meeting the demands of the rest of the regulations they are faced with. Solvency II may come close as this ‘golden regulation’:...