Reference data plays a key role in driving business processes and applications. Businesses across sectors including business and financial service companies, credit rating agencies, technology firms, and data and information service providers, rely heavily on reference data. As such, any faulty reference data or error in data management pose a significant operational and financial threat, negatively impacting business outcomes.
In fact, up to 70% of the data used in financial transactions, reference data is what enables organizations to identify key details including financial instrument/market specifications, currencies, counterparty/stakeholder data, corporate actions, and others.
Despite its growing criticality most organizations (especially smaller and medium-sized enterprises) lack the ability to manage reference data efficiently. Challenges such as inadequate audit controls, granular visibility, change management processes, and lack of capturing and processing data from various sources, are making it increasingly difficult to manage. As the demand for efficient reference data management continues to rise, organizations are seeking help from service providers to offer custom solutions. Outsourcing reference data management has become a go-to business strategy as it helps overcome current challenges and establish a sound process for reference data management.
Centralized data management
Outsourcing helps centralize reference data management that provides complete visibility and better control. It enables businesses to maintain consistency across the board, providing access to standardized reference data to teams from various departments. Centralize management also helps easily distribute and update reference data across multiple corporate systems and applications seamlessly, ensuring consistency and in turn better compliance. Great
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