Stepped up data demands and scrutiny by industry regulators on asset managers have transformed technology procurement and implementation at firms into a complex process that requires close cooperation between chief technology and compliance officers, among other executives.
"Ten years ago, I would've said the weight in these technology decisions was 80% toward the chief technology officer, because nobody understood what he was proposing," says Shaheen Dil, global solution leader for data and analytics at Protiviti, a Menlo Park, Calif.-based risk management firm. "That's not a viable modus operandi anymore. The chief compliance officer has too much at risk. They have had to teach themselves technology, as some aspects of compliance are now very data driven. They, along with chief marketing officer, the chief operating officer and chief financial officer will have more input. It's not just a tech decision anymore."