01-Apr-08 / Inside Reference Data, April 2008
by Mario Orphanou, product manager, Odyssey
Financial institutions are increasingly investing in enterprise data management solutions, writes Mario Orphanou, product manager at Odyssey Financial Technologies.
In the world of enterprise data management (EDM), integration is key.
The biggest challenge financial institutions face in today’s data-intensive
environment is winning support for an enterprise approach to data at
every level of the organization and ensuring this data reaches end-users.
The introduction of new regulations such as Basel II, the Markets in
Financial Instruments Directive and the Single Economic Payments Area
has put pressure on financial institutions to ensure their data management
is in good shape. Regulatory obligations have placed data quality in
the spotlight and financial institutions have responded by investing
in EDM to collect, normalize, and manage the quality and storage of
reference and market data in an efficient and cost-effective way.
EDM enables disparate data sources to share information from a centralized
platform and manage data content on a business/data-silo (vertical)
to an enterprise-wide (horizontal) basis. However, while EDM solutions
have allowed financial institutions to improve the quality of data,
many are struggling to effectively address the issue of integration:
how to get the data to the systems that need it, when they need it.
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