Asset Control Offers Audit Trail for Data Management Software
Asset Control, a global provider of financial data management software, says it has upgraded its AC Plus software to allow users to track the source of data, when it was received and when they made any changes.
The enhancements ensure that buy and sell-side firms can provide regulators -- and even investors -- with an audit trail on demand, says Asset Control's chief executive Phil Lynch. Doing so, allows firms to prove to regulators and even investors how and why they made decisions -- such as how to value an asset or vote on a corporate action -- based on the information at hand at the time of the decision. Such a scenario goes a long way to mitigating concerns about whether firms have the appropriate risk management controls in place.
Among other improvements to AC Plus: the ability to find market data-- namely prices of exchange-traded securities -- in real time throughout the day to calculate counterparty exposure, feed risk algorithms and meet the potential regulatory mandate for clearing of many swap contracts through central clearinghouses. Previously that market data could only be found on an intraday basis in batch mode, thereby delaying the process of coming up with any risk metrics.
“The amount of data firms now need to mine, analyze and report on is placing an unprecedented data governance burden on the industry,” says Lynch, who is based in New York. "The plethora of regulatory changes on the horizon means the way in which firms are required to interact with data has reached microscopic scrutiny. In the ongoing attempt to reduce risk and increase transparency, regulators require a greater breadth and depth of up-to-date information. Without the tools to cut through the complexities this presents, firms will face huge operational challenges when it comes to compliance."
Written by Chris Kentouris, Editor-in-chief (Chris can be reached through Chris.Kentouris@hotmail.com).