RIMES will sponsor the 11th annual FIMA US 2015 conference taking place in Boston, March 30-April 1. This is one of the leading reference data, counterparty risk and data innovation conferences. It will host several panels where industry experts will delve into the numerous challenges faced by firms in this particular space.
Effective Data Management
One panel that will examine these difficulties is “Treating data as an asset and managing it effectively”. Many buy-side firms encounter challenges because they fail to prioritize effective data management. Instead of viewing their information as a crucial resource in meeting objectives, they relegate it to being an IT function. In addition, a wide range of institutions suffer from challenges with employee buy-in. While staff may be tasked with managing data, they may be bogged down with other tasks or unconvinced of how beneficial it can be to properly leverage their important information.
Further, many organizations experience problems surrounding data ownership. While employees across a business may use this information, the enterprise may not have clarified who is actually in charge of this important resource. In some cases, corporations may be unsure whether they should centralize control of their data or spread it out between different business units.
The RIMES Managed Data Service can help buy-side firms facing these challenges. By using RIMES MDS, organizations can obtain cost-effective access to myriad benefits, including:
- Faster time-to-market
- Reduced expenses for support time and related matters
- Improved service levels
- Ability to provide business intelligence needed for effective data governance
Data Governance Challenges
Another key area that will be covered at FIMA US 2015 is data governance. This particular matter is very close to RIMES’ heart and involves developing the ideal framework of policies and procedures to achieve optimal data management. As companies work to develop the proper infrastructure, they might benefit from looking into the approaches used by industry participants, which will be covered by a panel called “Trends in implementing data governance operating models.”
Having key insight into the various operating models companies are using could make it easier for buy-side firms to handle the various pressures they are encountering in this space. This is another area where having the right context can be very beneficial. While some institutions might think of data governance as a burden, it can also be viewed as a means of generating a competitive advantage.
The RIMES Data Governance Service
If buy-side firms want to develop the proper data governance infrastructure, they should leverage a top-down approach and focus on obtaining the buy-in of several key groups, including directors, executives, managers and staff. If institutions require assistance in this space, they might benefit from harnessing the RIMES Data Governance Service. By doing so, they can access expert advice on how to establish policies and procedures that will ensure the proper use of indices and blends in a manner that complies with existing licensing agreements and restrictions.
Buy-side firms looking to obtain greater visibility into their specific use of information might consider RIMES’ detailed reports, which illustrate the specific information that departments and systems are using.
In addition, if these institutions have questions about product structures, they can harness expert advice from RIMES to source the needed benchmarks in the most practical and inexpensive way possible. Making use of a managed data service is a sensible choice at a time when the total cost of data continues to rise.