Patni Unveils Reference Data Mgmt Solution For Financial Services Firms

Patni Computer Systems Ltd., the IT and BPO services provider, introduced PatniRADAR, a multi-step Reference and Data Rationalisation (RADAR) program that will help financial services companies mitigate their risk and rationalise the cost of managing their reference data. 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 optimising their reference data environments.

“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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“Even in mid-tier financial institutions, reference data related problems generate US $3 million to $5 million in annual waste in addition to increased risk exposure,” said Fred Cohen, Group Vice President and Global Head of Capital Markets and Investment Banking Practice, Patni. “Using our PatniRADAR program, we can help financial institutions accrue cost saving and risk mitigation benefits, thereby enabling them to take control of their reference data issues.”