Fenergo has teamed up with FIMA (Financial Information Management) to publish the annual FIMA Data Management Benchmark Report for 2013.
This year’s survey, which was conducted with 110 participants at the 2013 FIMA conference in Boston, shows that regulatory/compliance data requirements and existence of data siloes are the top priority and concern for financial institutions in 2013.
The results also reveal that:
- 36% of respondents rank regulatory/compliance requirements with respect to their data management strategy as a top priority for their financial institution this year
- 50% of respondents cite the continued existence of data silos as their most severe reference data management challenge
- 51% of financial institutions claim that sharing data between different parts of the organisation is hard and requires manual effort for each sharing task, a percentage that has not improved since last year’s report.
According to Marc Murphy, Fenergo CEO:
“Data management is a monumental challenge for financial institutions this year given the amount of financial regulation that depends on high quality data for compliance. While this research shows definite strides in the right direction towards eliminating silos, improving accuracy of data flow and facilitating data sharing across the financial institution, there remains some serious challenges for institutions.
The re-usability of data and documentation across various parts of the institution for multiple regulations is a vital component of being able to comply with regulations simultaneously. To do this, institutions need to eliminate data silos and adopt an enterprise-wide capability that enables the cleansing and remediation of client and/or counterparty data and facilitates data sharing between key parts of the institution with little or no manual intervention. While certainly not an easy undertaking, it is most definitely achievable.”
Download a copy of the 2013 Financial Data Management Benchmarking report by filling in the form.