Data Contributions consultancy launches

Source: Data Contributions

Data Contributions Ltd, announces the launch of two unique data management consultancy services:

• Contributions Audit Service (CAS)

• Contributions Accreditation & Benchmarking Service (CABS)

Data Contributions Ltd was created to specifically address the issues surrounding transparency with global bank contributed rates, such as LIBOR & other benchmark rates, real-time OTC prices and daily fixings/valuations for all asset classes of market data. The LIBOR scandal has revealed weaknesses in previously trusted publishing mechanisms, leading global financial regulators to warn financiers to expect a zero-tolerance response to any misdemeanours in price manipulation.

The existing structure and governance of the publishing of such contributed data have been identified to be no longer be "fit for purpose", necessitating reforms as Regulators' fast track reviews, effective early 2013, with heavy penalties expected for those who do not meet the new regulatory requirements.

Data Contributions Ltd can assist firms and vendors to put in place fully compliant processes and procedures to manage & control the contributions of data, as well as providing accreditation of regulatory compliance and benchmarking to peers.

About Contributions Audit Service (CAS)

Contributions Audit Service (CAS) will undertake an audit review of existing data contribution processes and make recommendations on how to tighten controls and ensure compliance for upcoming regulations. This will include management of distribution to specific identified audiences, as well as establishing specific usage protocols in order to mitigate the risk of data manipulation which is a primary cause of reputational risk.

In addition to ad hoc audit reviews, Data Contributions CAS can also provide an annual service which will ensure on-going maintenance of Inhibited & Public Restricted Data Sets for each data vendor (with an underlying comprehensive Legal Entity database service) to ensure new controls are embedded a and adhered to.

About Contributions Accreditation and Benchmarking Service (CABS)

Data Contributions Ltd has partnered with B.I.S.S. Research, to deliver standardised and independent assessments in supervising and managing policies for contributed data, providing both an accreditation service and benchmarking against peers.

CABS elevates data standards, transparency and quality from source contributors, across data vendor networks, to ultimate end-user enterprise data consumers. The service allows for Board room-level scrutiny of policies, procedures and capabilities of contributing banks and data vendors, and assists with identifying key strengths and weaknesses for presentation to Regulators, with the objective of proving continued corporate governance, in an effort to mitigate reputational risk.

CEO of Data Contributions Ltd, Sheena Clark, says, "We are extremely pleased to be able to offer our new services to firms facing an upsurge of reporting requirements in the wake of recent incidents. Our team and methodologies provide real benefits to firms seeking to protect their reputation and their data as well as create revenue streams from their internally created market data contributions." 

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