Since the original announcement in October 2016, there have been multiple releases updating changes to the dates for compliance as well additional clarifications regarding considerations for the implementation of N-PORT and the Liquidity Risk Management Program. Over the past year, Olmstead Associates has been working closely with our clients to fully understand, plan for, and implement support models for our clients’ compliance.
Stephen Alepa, leader of Olmstead's Client Experience and Engagement center of excellence, chaired the Client Reporting & Communications Forum at the TSAM Boston Conference. Topics included:
Asset managers are tackling a bevy of new data-related requirements, driven by clients, boards, global regulators and the FinTech disruptors. Many buy-side firms have responded by embarking on operational and technological transformation projects. Some have focused on data access and delivery, upgrading legacy data architectures using hubs, virtualization, warehouses, or data-as-a-service (DaaS); others are tackling costs and efficiency by taking advantage of newer technologies such as machine learning, robotics, and various forms of artificial intelligence (AI). As they institute these initiatives, investment managers also discover new bedrock needs: enhanced data governance, integrity and controls.
There has never been any greater need for Investment Management firms to optimize the management, delivery and reporting of their enterprise data. Firms are being driven to reconsider their business models and adapt architectures and IT systems to accommodate several new factors affecting the industry. All these factors, be it product innovation, the shift to passive, new regulations, raised client service expectations, or fee compression, converge on one thing - Data.
Client reporting has been a top priority across asset management, wealth management and insurance firms since 2013 and shows no signs of falling off the list. Our experience collaborating with our clients spans these industries and the software and service providers who deliver solutions. Regardless of industry, firm size or geography the following 10 lessons learned apply.
You've looked at your needs, looked at the vendor landscape and you're ready to pull the trigger. Before you do so, take a step back and consider the current and future organizational fit. The solution with the best functional capabilities is not necessarily the right choice for your business.
The focus on driving efficiency and speed into development processes is leading firms to flock towards Agile development processes. For firms that have historically operated using waterfall methodology the change is significant and requires much more than new tools and processes to ensure success. Olmstead's consultants have experiences across disparate process approaches and organizational cultures. We've seen the good, the bad and the ugly. Based on our experience there are some keys to successful organizational adoption of Agile.