They may differ in their opinions in how to go about effecting change (see last year’s FIMA standards panel for proof, see 
Since the launch of its AC Invest solution in October last year (see our coverage of the launch event 
Since its decision to sign up for the MoneyMate investment data management solution in October last year, Schroders has been working closely with the vendor to control the aggregation and cleansing of their product information for presentation on websites. Gerard Walsh, head of change management for the web and customer relationship management (CRM) at Schroders, and Ronan Brennan, chief technology officer at MoneyMate, explain that the solution is aimed at enhancing the timeliness, accuracy and consistency of Schroders’ product information, which is communicated to their clients and distribution channels.
The challenge of getting a whole firm “into the same boat” and understanding the true benefits of a data management project requires strong leadership and governance from the outset, said Hans Lux, enterprise data architect at UBS Global Asset Management, to the delegation in attendance at TSAM 2010 earlier this week. The importance of data governance is far from a new concept, but Lux stressed that firms should use the audit trail to their advantage in the current environment where regulatory scrutiny is so intense.
Getting buy in from senior management and understanding from those at the grassroots level with regards to tackling data management challenges has become much easier as a result of the current industry focus on data, said Shannon Walker, IT architect at Deutsche Bank, to delegates to yesterday’s TSAM event in London. However, she warned that firms must involve those in the “middle”, namely end users from the business side, in data management projects in order to ensure they are on board with the changes and that the overall project is a success.
Simon Tweddle, director of risk management at Mizuho International, is a firm believer in assigning data ownership in order to effectively monitor data quality across a financial institution. Speaking at last week’s Thomson Reuters event in London, Tweddle explained that Mizuho has recently put the management of its global reference and market data back on the agenda in order to ensure its regional and local operations are all working from the same set of data.
A-Team Insight Exchange is a new event series for 2010, which will combine A-Team’s expertise in financial markets IT with thought leadership from world-class technology innovators and practical experience from financial market practitioners.
The regulatory scrutiny of data quality is driving firms to join in with the second wave of outsourcing that is sweeping the market, according to Colin Close, CEO of hosted data management solution vendor Netik. Close reckons that firms should not wait for standards to be set, either by the regulator or bodies such as the EDM Council, before tackling their data management challenges and that a new level of pragmatism is evident in the market.
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