The challenge of maintaining reference data

In the face of declining margins and increased regulatory compliance, the banking and financial industry is being confronted with tough choices around an operating model that supports evolving business models, new products and fresh markets, while reducing long-term operating costs. Banks also face the challenge of increasing the quality of Financial Instrument Data (FID) on complex  legacy infrastructure.

These challenges are accentuated by unrelenting regulatory pressure, and require new change management programs to comply with regulations such as DoddFrank, FATCA, and AML, and meet BCBS 239, Basel III and MiFID II requirements.

The downstream impact of bad data is significant with statistics indicating that up to 30% of financial trades fail due to FID issues, and over 50% of institutions reporting that they lack the agility to manage this type of data.  (Source: EDM Council).

 

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