New York and London â September 12, 2005 â Asset Control, a leading provider of centralized data management solutions to the financial industry, announced at Sibos in Copenhagen last week that Total Data ManagementÂ® is now available. Total Data Management is a comprehensive approach to data management, enabling firms to streamline and optimize reference and pricing data management by integrating proven in-house and outsourced solutions based on a firmâs individual data needs.
In addition to Asset Controlâs turnkey AC Plus solutions for in-house implementation, Asset Control can now offer clients an outsourced reference data solution through its alliance with Accenture. The Accenture Managed Reference Data Service, which leverages AC Plus technology, provides reference data management on an outsourced basis to maximize efficiencies and economies of scale. It includes a full suite of data management, information technology (IT), vendor management and performance measurement services through a "one-to-many" service model. Accenture announced its first client contract for Accenture Managed Reference Data Service this week.
"The availability of in-house and outsourced solutions, that are seamlessly compatible because they are built on the same core technology, enables financial industry firms to match their data management strategies to the ROI in the data and data processes. Distributing data management across in-house and outsourced platforms simply is a logical approach for optimizing costs and efficiency," said Ger Rosenkamp, CEO of Asset Control. "Accentureâs proven commitment and track record in managed data services makes them ideal to work with, and we are delighted with their speedy progress in bringing the Accenture Managed Reference Data Service to market."
By implementing hybrid in-house and outsourced data management solutions, financial institutions have the opportunity to reduce their costs of standard data management, while maintaining proprietary data or analytics in-house. The Accenture Managed Reference Data Service provides the cost benefits and comprehensive cleansing services of a shared platform for transforming commoditized vendor data into cleansed, composite âgolden copyâ sets. AC Plus in-house solutions provide a secure, innovative environment for handling proprietary data and analytics, as well as serving as a downstream-integration hub for in-house processing and outsourced data input.
"Industry response to Accenture Managed Reference Data Service has been very positive," said Patricia Tsien, senior executive and head of data management in Accentureâs Capital Markets practice. "We are pleased that both the cost advantages and the strategic benefits are so well understood. It makes little sense to invest 80 percent of data management resources doing standard repair and consolidation, when you can outsource this work and apply your expert resources to creating new value through proprietary data management. Like Asset Control, we believe the combination of in-house and outsourced data management is the wave of the future, and we look forward to together helping lead this change in our industry."
Accenture Managed Reference Data Service is an outsourced reference data solution that centralizes the technology infrastructure, data cleansing operations, vendor management and quality management of reference data for buy-side and sell-side financial firms. The service is offered globally with Asset Control technology, supporting all types of financial instruments, including stocks, bonds, and mortgage-backed securities. It provides manual data cleansing operations in 15 languages, covering securities indicative data, corporate actions, pricing data and time-series data.