Risk management and data control remain at the top of the agenda at many financial institutions. Many have said that the recent crisis highlighted the need for more consistent, transparent, high quality data management, which I totally agree with (but working for Xenomorph, I would I guess!). Although the crisis started in 2007, it would seem that many organizations still do not have the data management infrastructure in place to achieve better risk management.
I moved apartment last week and had to face the terrifying prospect of visiting IKEA to buy some new furniture. On walking through the endless corridors of furniture ideas I wondered whether the people at major financial institutions feel as I did: I knew I needed two wardrobes, I knew the dimensions of the rooms, I knew how many drawers I wanted. Then I got to the wardrobes showroom, sat in front of the “Create your own wardrobe” IKEA software and the nightmare started. How many solutions are there to solve your problems? And how many solutions, once you get to know of their existence, make you aware of a problem you didn’t know you had? That’s how I spent 2 days at IKEA choosing my furniture and still I wonder whether in the end I got the right solution for my needs.
Coming back to risk management, I imagine the same dilemma may be faced by financial institutions looking to implement a data management solution. How many software providers are out there? What data model do they use? Are they flexible enough to satisfy evolving requirements? How can we achieve an integrated data management approach? Will they support all kind of asset classes, even the most complex?
In these times of new regulations where time goes fast and budget is tight, selection processes have become more scrupulous.
As often happens in life, when we need a plumber for example, or a new dentist, we look for positive recommendations, people willing to endorse the efficiency and reliability of the service. So, with this in mind, please contact us for access to a case study we put together with Rabobank International, who have been using our TimeSpace analytics and data management system at their risk department since 2002 for consolidated data management, or any other client stories.