During recent years, few areas of operations have attracted as much interest as reference data and risk management. But how successful have financial institutions actually been in improving automation levels within their companies? What are the driving forces for reference data automation? And how mature are back office systems in those areas?
In order to find answers to these questions, AIM Software and the University of Economics, Vienna, are regularly undertaking research in the area of back-office automation within financial institutions in more than 80 countries. The survey will examine changes and advances between 2004 and this year. Practitioners are invited to do a short questionnaire in order to get a significant picture of the levels of back-office automation within the industry.
The results of the AIM Global Data and Risk Management Survey 2005 will be published in September 2005. Participants of the survey benefit from comprehensive benchmarking possibilities to direct competitors, country-specific analyses and charts as well as personalized reports.
Practitioners are invited to participate in this year's global survey.
The results of the survey 2004 at a glance:
- The areas where most banks reported plans to substantially improve data quality within the next two years were the Middle-East (79%), CEE (84%), Asia (88%) and Central & South America (92%).
- ISO 15022 and its successor ISO 20022 or UNIFI (formerly known as ISO
15022 2nd edition) is the arising standard data model for financial
institutions: Globally 17.4% of the respondents had ISO 15022 already in use, with high recognition rates in Asia (24.4%) and Western Europe (20.9%).
- 42% of the survey respondents planned to purchase an off-the-shelf data management solution or to buy and adapt a solution to their own needs. 26% of the respondents relied on proprietary development. With respect to outsourcing, 18% outsourced the development of a system and 14% the data processing itself. Outsourcing is especially popular in North America, the Middle-East and Asia.
- 54% regarded workflow management as the major objective of data management with event reporting ranking second (52%).
- 29% of the respondents planned to increase the degree of automation for reference data, 29% for corporate actions and 24% for pricing data.
Altogether not less than 64% of the interviewed institutions intended to enhance their level of STP.