Patni unveils Reference Data Management soln

MUMBAI, INDIA: Patni Computer Systems Ltd. (Patni),  a IT and BPO services provider, today introduced PatniRADAR, a multi-step Reference and Data Rationalization (RADAR) program that will help financial services companies mitigate their risk and rationalize the cost of managing their reference data.

According to a company press release, PatniRADAR is a fixed-price, fixed-deliverable solution, with a short-duration engagement, aimed at achieving significant and quick cost and risk reductions. The solution is the first offering from a comprehensive nine-component holistic Reference Data Management solution developed by Patni to assist financial institutions in optimizing their reference data environments.

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“Reference Data Management has emerged as a key business imperative for global financial institutions as they are confronted with challenges of increased regulatory scrutiny and wider risk exposure in a tight economy,” said Ganesh Iyer, Senior Vice President and Global Head, BFSI, Patni.  “Inadequate Reference Data Management practices expose financial services firms to a variety of risks, including failed trades, poor governance, wasted money, and regulatory penalties,” he added.

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PatniRADAR addresses these issues through a Patni-built automated analytical system called the Cross Reference Interrogator combined with manual visualization tools and processes by in-house reference data experts. It identifies, catalogs and evaluates all vendor and internal reference data feeds, creating a cross reference of each element. Patni is then able to visualize purchase frequency, data duplication, management and data distribution patterns and can quickly build a cost savings and risk.