In the time it takes to grab a coffee, why not learn how to regain control in a crisis? Our podcast series with Ian Manocha, CEO examines the immediate challenges banks, corporates and asset managers are facing, and why there is no strategic, silver bullet to data quality and control in the long run. Interviewed by Gert Raeves, Head of Research at Adox.
Part 1: The immediate challenge
The long-term data quality and control challenge is not going to go away. There are no silver bullets, we are with this challenge for a generation. If you think about it that way, why wouldn’t you invest in long term solutions – even if they come with unfashionable words like infrastructure?
The external environment in the past few weeks has been ‘nuts’ – but operational resilience is holding up. There is no bandwidth for strategic thinking yet; firms are still in survival mode. Things are working the way they are supposed to: no one is calling in to say ‘this is breaking our systems’. Support desk volumes are in fact down...
The current volatility creates high volumes, but also unusual data patterns. That means the challenge is not just to maintain ‘business as usual’ service levels. Banks and asset managers are having to change how they categorise and prioritise exceptions – price and volume swings that would have been ‘data quality’ red flags are now a reflection of this very unusual market. With Gresham – they can be responsive to those changes without needing to go back to IT to implement rule changes for example.
The crisis has shown that the human being is the weak link in the chain – so we need to plan for a future state where human involvement is used not simply to ‘keep the lights on’. That message is loud and clear – but the sands are still shifting. After firms have taken the time to get on top of the immediate challenges their focus will shift to intelligent automation and connectivity projects which now need to get done.
Find out more in Part 2: Regaining control in a crisis