Source: Asset Control
Asset Control, a world-wide leader in financial data management solutions, is collaborating with Avox®, the business entity data specialist and a majority owned subsidiary of the Deutsche Börse Group, to help provide financial institutions with the ability to use fully verified global business entity data across their organizations. The current turmoil in the financial services industry has placed counterparty data management high on the agenda, and the need to quickly and reliably aggregate exposure to an entity and effectively execute risk mitigation procedures is becoming more crucial.
High quality, continuously available data is essential to a firms' ability to gain operational efficiencies, meet compliance requirements, enhance customer service, and mitigate risk. However, the process of keeping business entity data current and consistent across an organization's multiple business lines can be an enormous challenge. Mutual customers of Asset Control and Avox will be able to integrate Avox's business entity data service with Asset Control's centralized data management solutions. With Avox providing high quality entity data complete with universal identification to Asset Control's platform, financial institutions have an accurate, documented and auditable data management process for compliance and risk management purposes.
Ken Price, chief executive officer of Avox, said, "Avox's global network of contributing clients, in conjunction with our first class research team, authoritative sources and global news feed partners generate the most complete and timely business entity data possible. By partnering with Asset Control, our mutual customers will be able to access validated and stress-tested data, and freely distribute it across multiple source systems, business units and locations within their organizations - all from within Asset Control's data management platform."
Avox engages the global financial community to aid in the process of review and notification of incomplete or potentially incorrect entity data, and centralizes verification of the data for consumption. Business entity data is updated daily with all changes identified by an international consortium global community of clients and partners - such as Citi, Nomura, Standard Bank of South Africa, and SWIFT - complete with client-specific identifiers and an Avox generated audit trail listing the authoritative sources used to verify data accuracy, in line with regulatory requirements.
Phil Lynch, Asset Control's president and chief executive officer, said, "Asset Control's integration with Avox will help financial organizations to minimize latency of entity data within a proven centralized information framework. This integration is one of many ways that Asset Control continues to focus on helping financial institutions to improve data quality and timeliness, especially in an environment in which the ability of financial institutions to minimize credit, counterparty and operational risk remains crucial."