Risk, compliance and data management specialists in Asian markets including Hong Kong identify adoption of web, cloud-based and “quant” tools to be the most significant trends in enterprise data management.
Quant tools refer to the systems used by quantitative analysts - specialists in the application of mathematical and statistical models to financial and risk management problems.
The survey also indicates that data, risk and compliance specialists also expect data governance and the consolidation of market data feeds to be key developments for the coming year.
But respondents state that the biggest barriers to achieving these goals include budget and cost of systems (38%) and legacy products that do not meet their requirements (20%).
Respondents are taking one of three actions in response, divided roughly equally. These include devoting resources to organizing data or creating master content (32%), integrating and connecting data content with regulatory demands (31%) or allocating budget to data distribution tools for the enterprise (36%).
“Our poll results reinforce the importance of leveraging technology to maintain data integrity,” Bloomberg head of enterprise solutions for APAC Gurkan Tasoren said.
“Going forward, the need to acquire, manage and use data more efficiently to drive profitability and mitigate risk will become a larger priority for financial institutions in Asia and throughout the world.”