AIM Survey Shows: Basel II Driving IT Investments; Financial Industry Regards Data Quality as a Key Issue for Risk Management.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- AIM Software, the Vienna University Vienna University, at Vienna, Austria; founded 1365. It was reorganized in 1377, 1384, and 1850. It has faculties of Roman Catholic theology, Protestant theology, humanities, law and political science, medicine, philosophy, social sciences and economics, and natural sciences. of Economics and Reuters (LSE LSE - Language Sensitive Editor :RTR RTR Ready To Run RTR Rundfunk & Telekom Regulierungs Gmbh RTR Rotor RTR Radio e Televisiun Rumantscha (Romansh Radio and Television, Switzerland) RTR Response Time Reporter RTR Ready To Race RTR Ready to Roll ) have released the findings of the second global reference data management and risk management survey, based on phone interviews with 1,070 financial institutions across Europe, America, Asia and the Middle-East. This year's survey reveals that improving data quality is regarded as a key issue for risk management and that regulatory requirements including Basel II Basel II is the second of the Basel Accords, which are recommendations on banking laws and regulations issued by the Basel Committee on Banking Supervision. The purpose of Basel II is to create an international standard that banking regulators can use when creating regulations , the Markets in Financial Instruments Directive The Markets in Financial Instruments Directive (MiFID) will introduce a single market and regulatory regime for investment services across the 30 member states of the European Economic Area (the 27 Member States of the European Union plus Iceland, Norway and Liechtenstein). (MiFID) and Sarbanes-Oxley are driving investments in IT. "The results show that companies see the close interdependence between reference data management and efficient risk management," explains Martin Buchberger, Head of Marketing at AIM Software. The fact that the percentage of companies planning to improve the automation in this area grew from 64% in 2004 to 72% in 2005 underlines this finding. The focus lies on the automation of reference data and the processing of corporate actions data, the areas from which the largest costs originate. 45% of the 1,070 respondents plan to increase the level of automation for corporate actions. "Companies realize that they face serious operational risk and huge potential losses in this area. Corporate actions are deemed to be the least automated and therefore most labour-intensive, error- and risk-prone areas," states Angela Wilbraham, Managing Director at A-Team Group. "In comparison to last year's survey, more attention is being paid to the challenges of Basel II and risk management," explains Buchberger. Financial institutions intend to manage their allocation of regulatory capital more rigorously and to align this with risk exposures. This effort is targeted towards improving the understanding of risk management, so establishing higher internal standards and better management of capital. "This survey enables companies to get a comprehensive overview of the status quo [Latin, The existing state of things at any given date.] Status quo ante bellum means the state of things before the war. The status quo to be preserved by a preliminary injunction is the last actual, peaceable, uncontested status which preceded the pending controversy. in their industry. Readers can deduce where they have to catch up with the regional benchmark and how trends like STP STP or standard temperature and pressure, standard conditions for measurement of the properties of matter. The standard temperature is the freezing point of pure water, 0°C; or 273.15°K;. are evolving," says Kevin Bradshaw, Managing Director, Enterprise Information, Reuters Group plc. The full results of the survey are available at www.dmstudy.info/2005. Please find this press release in twelve languages at: http://www.aim-sw.com/press/pressinformation/ About AIM Software Founded in 1998, AIM Software specializes in creating innovative reference data and risk management software solutions for financial markets. With offices in Austria, New York, Switzerland and Hong Kong, AIM operates globally in the major financial centres with 80+ clients. About Reuters Reuters (LSE:RTR), the world's largest international news agency with 2,300 editorial staff in 197 bureaus in 92 countries, bases its reputation on speed, accuracy and independence. In 2003, the Reuters Group had revenues of GBP GBP In currencies, this is the abbreviation for the British Pound. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 3.2 billion. About the Vienna University of Economics The Vienna University of Economics was founded in 1898 and offers a broad range of disciplines. The Department for Applied Regional and Economic Geography focuses its research on regional developments. |
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