Monitoring data costs
Financial services firms face a triple challenge: efficiently onboarding data sources, ensuring regulatory compliance, and managing data costs amidst complex commercial models and licensing agreements. With $42B total global market data spend in 2023 and a 12% increase from the previous year, our solution provides critical transparency and control over data consumption and usage.
Tracking consumption
When a consumer requests data, our system logs the request and checks if it can be serviced within specified conditions. If not, it's requested from external sources. All vendor requests, costs, and internal allocations are transparent. Requests are checked against limits, with alerts for threshold breaches.
The need for transparency
Complex licensing agreements often include factors such as number of end-users, use cases, downstream systems, geographies, and individual field-level details. With 100's of financial products used, there are inevitable complex licensing policies and transparency challenges. Our solution provides clear insight into data flows, ensuring decisions and data points can always be explained for risk valuation, operations, compliance, or post-trade reporting.
Optimise data while managing costs
As internal and external scrutiny of data sourcing and consumption increases, financial firms are seeking greater control over and visibility into their data.
Enterprise Data Management (EDM) enables you to respond confidently to the challenge by delivering a comprehensive, end-to-end view of your data. EDM allows you to optimise data usage through data control, data usage history and trend analysis, vendor cost reviews and improved vendor contract compliance.
