Bank honored for its hybrid approach to data management, implementing an industry leading reference data capability
Asset Control, a leading provider of Centralized Data Management (CDM) solutions to the financial industry today announced that its customer, Wachovia, has been honored with the American Financial Technology Award (AFTA) for Best Enterprise Data Management Initiative.
The award was based upon Wachovia's three-year initiative to enhance the information management capabilities of its Corporate and Investment Bank division by centralizing and standardizing its reference data function. The initiative used a "hybrid" approach to data management, deploying onsite technology provided by Asset Control in conjunction with outsourced reference data management services provided by Accenture. Based on this initiative, Wachovia has reduced its business and operational risks through improved data quality and data coverage and increased its focus on higher value business areas.
Wachovia partnered with Asset Control in 2005 to manage pricing data for its risk management operations with a solution designed to provide the bank with greater control over its data and the ability to expand the solution across business lines. Asset Control's product, AC Plus, captures and cleanses all of the historical simulations for VaR on an end of day basis and is used primarily by those in risk management, but additionally by the front office to assist equity-based analysis.
"Asset Control is particularly honored to join AFTA in recognizing Wachovia's hybrid data management strategy - a truly innovative approach for optimizing costs and increasing efficiency to support future business growth," said Ger Rosenkamp, CEO of Asset Control. "By pursuing the hybrid approach to data management, Wachovia is poised to support aggressive business initiatives and growth. Wachovia continues to be recognized by the industry for its ability to turn IT initiatives into measurable business benefits and we are pleased to play a part in their success."
Wachovia expanded its data management initiative this year by adopting Accenture Managed Reference Data Service (MRDS) - an outsourced service that integrates multiple sources of reference data into a single security reference master by processing the data feeds through business rules that normalize, validate, arbitrate, match and consolidate the data. The service provides daily reference data updates for approximately 4.5 million securities, including global equities, fixed income and derivative products, and the IT infrastructure, labor, and processes for data cleansing and management. Accenture MRDS technology is based upon Asset Control's AC Plus and AC SecurityMaster modules.
"Wachovia recognizes that quality reference data and the automation of reference data management have a positive correlation to operational efficiency and superior performance," said Sandy Weil, senior executive at Accenture and global sales lead for Accenture MRDS. "We congratulate Wachovia on this well-deserved honor for innovation and bold industry leadership."
AFTA, hosted by Waters magazine, Dealing with Technology, and Hedge Fund & Investment Technology, recognizes industry excellence in the deployment and management of financial information technology within the wholesale investment banking community. To be considered for AFTA's Best Enterprise Data Management Initiative, financial institutions must demonstrate an innovative data management strategy that improves data quality and reduces data costs across the enterprise.