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Data Governance Case Study #1

Helping a Major Life Insurance Company Improve Data Governance and Quantify Risk

The client

The client is one of the world’s largest providers of life insurance, pensions and long-term savings and investment products. It needed to adapt to changing market expectations regarding reporting of risk and overall transparency.

The challenge

The firm wanted to provide its customers with the comfort that risk was being managed in a systematic fashion. This was a difficult challenge with over 40 million customers worldwide and a mix of long- and short-only funds.

Having surveyed the market, the firm chose a specific risk management and reporting system; however, success also depended on obtaining the right index and benchmark data. The data requirements were onerous and complex: there was a need to measure risk against many benchmarks. The licensing costs of the data were high but the cost of managing the data was even greater. RIMES was invited to propose a solution.

The solution

RIMES surpassed all of the firm’s selection criteria. In particular, the firm was impressed with the quality of the data, which could be loaded directly into business applications. And as a managed data service, RIMES is fully supported 24/7. RIMES also made commercial sense as internal data management costs could be permanently reduced.

After careful consideration, RIMES was chosen to provide the risk management system with the full benchmark constituent data sets across equities and fixed income. A project was initiated to on-board the data, ready for use in the risk system. Throughout the project, the RIMES and risk system teams worked closely together to collate detailed requirements across the UK and Europe. The project was completed in less than six months: on time and within budget.

The benefits

As a result of the successful project, the client now has an integrated risk management system fed with accurate, validated and timely data. RIMES handles all the data formatting and reformatting, negotiates with data vendors, and guarantees the accuracy of the data provided. Working with RIMES has enabled the client to maximize its investment in risk management technology, improve data governance and overall transparency.