Inside Magazine - Issue 1
Data Management - June 2013
Within the current market landscape, two different forces are at work when we talk about enterprise data management and the related pressure for operational excellence. First, firms in various sectors face continuously increasing regulatory requirements, demanding a stronger focus on transparency and reporting. Second, clients have become more ‘sophisticated’, displaying new and fast-evolving needs which requires companies to react quicker and adapt to client requirements while dealing with new and more complex products, as well as with the related, stringent reporting requirements. These factors lead to a sharp increase in data production.
An example from the financial sector shows that a greater variety of financial instruments results in a more complex data environment for financial institutions to manage. Besides the volume of data, it is also the variety of sources and number of data users which has grown, leading to additional issues in terms of organisation and governance. Defining the right governance structure, rules and roles has become one of the major discussion topics in this area.
Master and reference data, along with all the processes and systems designed to manage data, form the parameters of business activities. For example, data on product or client characteristics are used for both high-level decision making and day-to-day business. Unreliable data can lead to unreliable decision making, operational failures or client incidents with a potentially detrimental impact on a firm’s profitability and reputation.
The quality of the underlying reference data should thus be considered a key strategic aspect in operational excellence, as it could impact numerous stakeholders and have significant consequences (i.e. commercial, reputational, compliance and regulatory etc.). Efficient, accurate and timely data management, among other factors, can help companies reduce risks and costs, as well as ensure compliance with new regulations.
Deloitte understands the unique challenges faced by various industries with regard to enterprise data management. In this first edition of Inside we will discuss the related trends and issues with respect to data management in general, and point out industry-specific hot topics. Furthermore, this edition will provide insight into data management models and market practices and present Deloitte’s approach to optimum organisation, processes and controls, and corresponding system optimisation.
In this issue
Welcome to our first edition of Inside magazine which will focus on enterprise data management in banking, wealth management, insurance, European institutions and healthcare industries.
This edition includes the following articles:
- Effective enterprise data management adresses the source of data problem across its entire lifecycle
- Banking and asset management players are increasingly considering electronic data management to be a strategic activity requiring operational efficiency