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Stability in Times of Change

There comes a time for every financial sector firm when they need to move to new operational systems. This could be because their current systems have reached the end of their natural lifecycle. Alternatively, it could be that the firm has grown faster than expected and needs to adapt to its new scale. Or it could be that the firm is looking to target new markets or investment strategies and requires new capabilities to match.

Whatever the reason, moving to completely new operational systems can be a time of upheaval for the business concerned. If not managed correctly, the migration can take longer than expected and lead to rising costs and frustrated business users. It is also true that not all systemic change will be welcome. In some cases, legacy systems may have certain features or capabilities that the firm wants to retain. Finding a way to carry these customizations over to new systems can be a challenge, particularly when these systems are inflexible.

How can firms manage such fundamental change in a way that minimizes disruption and allows them to realize in full their target operating model? Andrew Barnett, Global Head of Product Strategy at RIMES, explains: “During systemic migration, one of the most important considerations for financial sector firms is how best to adapt their financial data universe to their new systems. Get this wrong, and the project can get bogged down in unnecessary delays and business users might be hampered from carrying out operational tasks.”

One way to meet this challenge is to abstract the data element of the migration from the technology platforms. Doing so allows firms to draw on the expertise and capabilities of third-party data management companies like RIMES. Leaving the task of data management and calibration to the experts means the firm can focus on the core project safe in the knowledge it will be able to receive uninterrupted feeds of financial data throughout the migration and after.

Andrew Barnett continued: “What we’re seeing is that clients increasingly turn to us not only to ensure their financial data universe works seamlessly in their new operating model, but also to help plug any gaps in their data capability that comes about as a result of the system change. We tailor feeds to clients’ specifications so that they can carry over the data elements they need from their old systems to whichever new system they put in place.”

Recently, RIMES worked with a Singapore-headquartered, global asset manager. Through the RIMES Managed Data Services, the company was able to replace its core investment management infrastructure while ensuring the highest levels of data quality and assurance throughout the project. RIMES also helped support service and data requirements associated with the firm’s new investment system; plugging service gaps that arose as a result of the change. Read more here.

RIMES Managed Data Services is a proven data operating platform that helps firms of all sizes and in all regions align their data consumption closely with business needs. Contact us to learn more.

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