Data integrity is the No. 1 concern for the 86% of the 130 C-suite fund executives from North America and Europe that Confluence surveyed, and 89% said consolidating fund administration data into a common database is critical.
“As investors call for increased transparency and regulators step up reporting requirements, fund companies face greater pressure to make more information available more frequently,” said Kirk Botula, executive vice president and chief operating officer of Confluence, which provides data automation software and services.
“Widespread use of manual processes and spreadsheets increases the potential for errors, and brings a heightened urgency to putting automation safeguards in place,” Botula added.
The Global Fund Administration Survey, released at the Association of the Luxembourg Financial Industry’s spring conference Wednesday, also found that nearly 72% worry that manual processes impede their ability to meet reporting deadlines.
Nearly 60% want to replace manual processes with automated technology in the next 12 to 24 months to increase scalability without adding staff, as well as to elevate service levels.
“The regulatory environment is constantly changing and increasing in complexity,” Botula added. “In that context, consolidating investment data is becoming a best practice.”
Register or login for access to this item and much more
All Financial Planning content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access