Tuesday, September 16, 2008

Data management not on the agenda

There may be a few bank or vendor exhibition booths missing this year at Sibos in Vienna thanks to the credit crunch and good old-fashioned consolidation. However, one noticeable absence is data management vendor, Asset Control.

Phil Lynch, CEO of Asset Control is attending the Sibos conference, but this year they decided not to have a booth at Sibos as they felt that when it came to the conference programming, there was not enough attention being paid to data management.

Arguably, he is right, there are no real conference sessions on data management per se, which is surprising given that poor data governance and data quality were at the heart of the subprime crisis.

Lynch alluded to the fact there seemed to be a lot of focus on payments at Sibos this year, which he said was important. Neverthless, managing counterparties and instrument risk is also important,he said. "There is a strong undercurrent of risk and data management, but it is not a distinct track at Sibos," said Lynch.

There is certainly plenty of work to be done when it comes to data quality and governance given that a lot of data is stored in disparate systems or on spreadsheets, where it is unclear who owns the data and what changes if any have been made to it.

Lynch says transparency of data is also important in terms of the inter-relationships between data, data sources and determining who owns the data. "Firms cannot outsource that work," says Lynch. "They need to do that themselves and form a unique view as opposed to a market view."

No comments: