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Managing cross-regulatory data challenges in practice
‘Data management, at an industry level, is immature with few standards, minimal regulation over asset data content and a lack of industry leadership.’ The author has been using the above statement as part of industry conference presentations for the past three years. It represents a very stark message and articulates significant challenges for most financial services companies and their regulators. Furthermore, the regulators have set out detailed and specific regulatory reporting requirements that they describe as ‘evidence-based reporting’. This paper explores the standards and consistency expected by regulators and the challenges these pose for asset owners (such as insurers, pension funds, collective investment schemes, alternative investment funds and sovereign funds) and their suppliers. It outlines how investment firms can take advantage of their necessary and extensive investment towards delivering regulatory reporting to achieve not only compliance but also enduring benefits to their wider business.
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Christopher Johnson joined HSBC Securities Services in 2006 and is a senior product manager with responsibility for market data. Chris was previously at Threadneedle Investments where he was head of investment information services. Before then he was a director at UBS. Chris started work in the City with Laurie, Milbank stockbrokers, in their futures and options operations team, continuing with Chase Manhattan for a further ten years, culminating in three years as head of the equity derivatives middle office. He also headed OTC derivative client valuations at Bankers Trust. Chris is a member of the Chartered Institute for Securities & Investment.