TeKathon II Winners: Team FSIC

TeKathon II Winners: Team FSIC

As a wrap on TeKathon II comes to a close, we delve into the minds of the Financial Services and Insurance team, who took home the prestigious TeK-Cup, on the particulars of their winning use case… In today’s fast-paced, technology-driven landscape, consumers have come to expect far more for less in all aspects of their lives, including personal finances. The ascendance of robo-advisors – automated, model-based online services that provide investment recommendations – poses an increasing threat to our traditional Financial Service clients by claiming to provide faster, cheaper and more transparent investment solutions powered by sophisticated technology and minimal to no human intervention. In order to effectively compete, our clients need to find new ways of differentiating themselves or else they run the risk of losing significant market share to these emerging automated services. Since automation can never truly replace certain aspects of human expertise and interaction – particularly when it comes to dealing with personal finances – Financial Service firms must capitalize by offering a solution that combines the best of both worlds.  Knowledgent helps its clients build these cutting-edge solutions by augmenting the expertise of financial advisors with the advanced technological capabilities of a robo-advisor platform to address the demand for smarter, more personalized investment advice driven by sophisticated data analytics. This hybrid approach has come to be known by some as a “robo-assisted advisor.” A lot goes on behind the scenes to ensure that a robo-assisted advisor can provide his or her customers with high quality custom recommendations. One of the major challenges they face is making sure that the data acquired from a broad...

Planning for CCAR and DFAST in 2016 and Beyond

CCAR and DFAST processes are time and resource intensive. It requires an incredible amount of planning, coordination, discipline, controls and execution across the bank. This effort is further burdened with intense pressure to comply, as well as the risk for not complying. Banks, who have been through CCAR and DFAST cycles, continue to find it downright challenging, while new entrants – Intermediate Holding Companies (IHCs) (i.e. US Subsidiaries of Foreign Banking Organizations (FBOs)) –  are confronted with unplanned obstacles of implementing solutions to address organizational structure, capital and regulatory reporting requirements. In recent months, results from the 2015 CCAR and DFAST Test along with feedback from the Federal Reserve Board, panel discussions, and surveys have validated these challenges; but more importantly, they have provided guided insight for continued compliance and on the evolving expectations of regulators in 2016 and beyond. In a recent survey, BHC’s ranked data collection and data quality management as the most difficult to complete as part of the CCAR and DFAST testing program. At the same time, the Fed has emphasized the need for BHC’s to ensure the accuracy and completeness of their data and to properly evaluate the adequacy and integrity of their reconciliation processes and controls across the range of reports they file. The Fed is seeking demonstrated progress toward the automation of manual processes and definition of end-to-end controls in the upcoming year; otherwise, this could “bubble” and become a deciding qualitative factor for some BHC’s in 2016.  Some other interesting results: 40% of the BHC’s are still performing in excess of 500 manual adjustments to regulatory reports before filing. Note, from...

TeKathon II: Overview

TeKathon II is in the books.  To recap, TeKathons are internal social and educational events and are also now competitive way for our teams to gain hands-on knowledge about the latest technologies showcased in our Big Data Ecosystem.  Secondly, the teams are challenged with real-world constraints of time and resources, forcing them to innovate rapidly. While our first TeKathon focused on MDM, TeKathon II focused on data wrangling. This important development area of big data analytics allows for self-service data cleansing and analysis.  To achieve the promise of big data, data wrangling tools must allow for users to profile, examine, assess, and shape data without having to rely on hard-to-find data scientists, esoteric technical methods, and/or costly IT infrastructure.  By allowing users to discover, analyze, and share their data transformations and insights, today’s data wrangling tools help companies accelerate their adaption of big data sources — another significant step towards building an analytical organization — and beating the competition. Trifacta, essentially invented the term “data wrangling,” so we invited them as our selected partner for this event. Trifacta aims to automate and simplify the data wrangling process. While traditional data preparation focuses on the selection, movement, and transformation of strictly-structured data, Trifacta focuses on joining, blending, and aggregating not only strictly-structured data, but also semi-and un-structured data. The tools ability to wrangle semi and un-structured data that is not represented in tabular in the Hadoop platform was the primary reason the tool was selected for TeK II. Unlike our inaugural TeKathon, TeKathon II came with a competitive twist. Our two teams, Financial Services and Insurance (FSIC) and Healthcare and...

Informationist Sean Murray Shares Insights on Novetta’s Big Data in Financial Services Podcast

Knowledgent’s own Informationist and Financial Services Solution Partner Sean Murray recently shared his insights on a podcast hosted by our partner Novetta on Industry Use Cases for Novetta Entity Analytics. Sean’s background is in transforming businesses through process improvement, business optimization, and strategies to realizing value via information. His key sectors of focus include Wealth Management and Capital Markets. Sean also leads the Knowledgent team covering other sectors within Financial Services and Insurance. On this podcast, which also features Novetta Senior Account Executive Jason Bihun, Sean discusses trends driving big data adoption in the financial services industry, big data use cases (such as robo-advice), and ways that financial services organizations establish shared services and Centers of Excellence (COEs) to enable deeper and more complete analytics. Listen to the full podcast below: http://blog.knowledgent.com/wp-content/uploads/2015/05/Novetta-Knowledgent-Podcast-Financial-Services-Industry-Use-Cases-with-Informationist-Sean-Murray.m4a Other industry use case podcasts from Novetta can be found on their website....

Case Study: How a Global Banking Institution Deployed a Reference Data Management Program to Become a Dodd-Frank Thought Leader

Challenges In response to the Dodd-Frank Act, our client, a global banking institution, sought to establish a program that would implement changes to their reference data management systems in compliance with the new regulations, including the Legal Entity Identifier, Swaps Data Reporting, Business Conduct and Trade Controls reporting requirements. However, our client lacked the requisite resources and expertise to fully deploy this program. They engaged Knowledgent for our experience in regulatory compliance, participation in SIFMA and ISDA industry working groups, and leading-practice capabilities in gathering requirements and implementing reference data technology. Approach Our team started the project by performing a current-state assessment of our client’s trade process flows and integration points with reference data management systems to identify where changes were needed for Dodd-Frank. We also participated in SIFMA and ISDA industry working groups to understand impact of the Dodd-Frank rules and define an industry response to implement the new rules. Once we had the required information, we completed an end-to-end software development lifecycle process for several Dodd-Frank requirements, including business requirements, design, build, and testing in order to meet the regulatory deadlines. Results As a result of this project, our client became a thought leader and participant in many Dodd-Frank industry groups. Our client also was one of the first banks in the industry to implement the LEI across their entity, client, and subaccount systems by the regulatory deadline. Later, the program was expanded to handle other regulatory initiatives, including Know Your Counterparty, ISDA protocol, and the Unique Product...
Knowledgent Industry Strategy Partner to be a panelist at FIMA 2015

Knowledgent Industry Strategy Partner to be a panelist at FIMA 2015

Our Financial Services Industry Strategy Partner, Julio Gomez, will be participating on a panel at FIMA 2015! The FIMA 2015 event is happening March 30 to April 2 at the Westin Copley Place in Boston. Julio’s panel titled, “Exploring Emerging Tool To Drive Data Governance Forward,” will take place on Tuesday, March 31st from 3:05 to 3:45pm. Financial Information Management (FIMA), now in its 11th year, will be hosting sessions and discussions led by top reference data management professionals all covering topics that are of fundamental importance to your enterprise-wide data management initiatives. Topics include: regulations and the impact on compliance, costs and data strategy, data governance: strategy and execution, controlling costs in data management, risk management/risk aggregation for data management practices and many more. Date: Tuesday, March 31, 2015 Time: 3:05 to 3:45pm Location: Westin Copley Place, Boston, MA Event Link: FIMA 2015 Knowledgent will also be exhibiting at FIMA 2015. Be sure to stop by to speak with one of our teammates and learn more about Knowledgent and how we can help you leverage data governance in financial services. Interested in other events Knowledgent will be attending? Check out our Events page for the latest...

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