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Implementing service level agreements in custody operations and software systems
This paper discusses a software design concept that allows custodians to map the content of their service level agreements (SLA) directly into their software systems and therefore their operations. It discusses the shortcomings of traditional software design concepts of transaction-processing systems when it comes to SLA monitoring and user guidance. The paper identifies the absence of a formalized description of the SLA as one of the major obstacles for the implementation of appropriate controls. As an alternative, the paper proposes a design that allows for such a formal description, which can be directly linked to specific processing rules, checks and parameter settings of the custody software. The current authors expect such a design to help business teams to proactively monitor potential upcoming SLA violations, therefore increasing SLA compliance and reducing operational risk.
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Wolfgang Göb is Head of Business Development at Software Daten Service Gesellschaft mbH and is responsible for the development of the company’s product portfolio. Wolfgang holds a PhD in physics from the University of Vienna. He has worked in the software industry for the financial sector since 2000. Over the past few years, he has led numerous development initiatives for standard software around securities settlement, asset servicing and custody, as well as regulatory-driven products around topics such as Foreign Account Tax Compliance Act (FATCA), Common Reporting Standard (CRS), Qualified Intermediary (QI), Markets in Financial Instruments Directive II (MiFID II) and Market Abuse Directive/Market Abuse Regulation (MAD/MAR).