Are you “data ready”?
Demand for data is greater than ever before, not just from regulators but also clients and internal management. How can we cope? What should we focus on and what are the best practices being observed in the industry?
These were some of the many questions discussed during the latest Scottish Investment Operations (SIO) forum, as individuals across Financial Services along with industry experts from PWC, TISA and MiSYS explored the issues and how firms can remain “data ready”.
How do you decide who owns the data?
There is increased pressure from the regulators is to ensure data is being used in the right way. Regulators are collecting more data than ever and they are investing in tools to analyze this data in order to challenge organizations on their business and their adherence with regulations.
It was noted that the organizations that have had most success in managing their data were those who aligned data ownership with the first point of contact in the firm i.e. the front office staff who generate the data rather than centralize with back office functions. By helping the front office realize data is not just a burden but linked to what they do then you get the benefit of using the same data to drive business decisions as for regulatory reporting. This drives improvement in the quality of the data and regulatory reporting improvements fall into place.
Data can be a competitive advantage and drive business change.
The conversation included many ways in which data can be utilized to gain competitive advantage or drive business change.
Visualization tools put data into the hands of more people. Analytical tools allow users to look for data inconsistencies and resolve issues they previously weren’t aware of.
Self service solutions give clients the ability to control data themselves and reduce data replication and maintenance challenges.
A number of vendors exist that can help with solutions including those who provided valuable contribution to the discussion.
The next SIO forum, MiFID II: Are you prepared?, is taking place on 13th October and is open to SIO members. Register at www.sio.org.uk.