John Macpherson on The Challenges of Data Management

John Macpherson on The Challenges of Data Management

I often get asked, what are the biggest trends impacting the Financial Services industry? Through my position as Chair of the Investment Association Engine, I have unprecedented access to the key decision-makers in the industry, as well as constant connectivity with the ever-expanding Fintech ecosystem, which has helped me stay at the cutting edge of the latest trends.

So, when I get asked, ‘what is the biggest trend that financial services will face’, for the past few years my answer has remained the same, data.

During my time as CEO of BMLL, big data rose to prominence and developed into a multi-billion-dollar problem across financial services. I remember well an early morning interview I gave to CNBC around 5 years ago, where the facts were starkly presented. Back then, data was doubling every three years globally, but at an even faster pace in financial markets.

Firms are struggling under the weight of this data

The use of data is fundamental to a company's operations, but they are finding it difficult to get a handle on this problem. The pace of this increase has left many smaller and mid-sized IM/ AM firms in a quandary. Their ability to access, manage and use multiple data sources alongside their own data, market data, and any alternative data sources, is sub-optimal at best. Most core data systems are not architected to address the volume and pace of change required, with manual reviews and inputs creating unnecessary bottlenecks. These issues, among a host of others, mean risk management systems cannot cope as a result. Modernised data core systems are imperative to solve where real-time insights are currently lost, with fragmented and slow-moving information.

Around half of all financial service data goes unmentioned and ungoverned, this “dark data” poses a security and regulatory risk, as well as a huge opportunity.

While data analytics, big data, AI, and data science are historically the key sub-trends, these have been joined by data fabric (as an industry standard), analytical ops, data democratisation, and a shift from big data to smaller and wider data.

Operating models hold the key to data management

modellr™ dashboard

Governance is paramount to using this data in an effective, timely, accurate and meaningful way. Operating models are the true gauge as to whether you are succeeding.

Much can be achieved with the relatively modest budget and resources firms have, provided they invest in the best operating models around their data.

Leading Point is a firm I have been getting to know over several years now. Their data intelligence platform modellr™, is the first truly digital operating model. modellr™ harvests a company’s existing data to create a living operating model, digitising the change process, and enabling quicker, smarter, decision making. By digitising the process, they’re removing the historically slow and laborious consultative approach. Access to all the information in real-time is proving transformative for smaller and medium-sized businesses.

True transparency around your data, understanding it and its consumption, and then enabling data products to support internal and external use cases, is very much available.

Different firms are at very different places on their maturity curve. Longer-term investment in data architecture, be it data fabric or data mesh, will provide the technical backbone to harvest ML/ AI and analytics.

Taking control of your data

Recently I was talking to a large investment bank for whom Leading Point had been brought in to help. The bank was looking to transform its client data management and associated regulatory processes such as KYC, and Anti-financial crime.

They were investing heavily in sourcing, validating, normalising, remediating, and distributing over 2,000 data attributes. This was costing the bank a huge amount of time, money, and resources. But, despite the changes, their environment and change processes had become too complicated to have any chance of success. The process results were haphazard, with poor controls and no understanding of the results missing.

Leading Point was brought in to help and decided on a data minimisation approach. They profiled and analysed the data, despite working across regions and divisions. Quickly, 2,000 data attributes were narrowed to less than 200 critical ones for the consuming functions. This allowed the financial institutions, regulatory, and reporting processes to come to life, with clear data quality measurement and ownership processes. It allowed the financial institutions to significantly reduce the complexity of their data and its usability, meaning that multiple business owners were able to produce rapid and tangible results

I was speaking to Rajen Madan, the CEO of Leading Point, and we agreed that in a world of ever-growing data, data minimisation is often key to maximising success with data!

Elsewhere, Leading Point has seen benefits unlocked from unifying data models, and working on ontologies, standards, and taxonomies. Their platform, modellr™is enabling many firms to link their data, define common aggregations, and support knowledge graph initiatives allowing firms to deliver more timely, accurate and complete reporting, as well as insights on their business processes.

The need for agile, scalable, secure, and resilient tech infrastructure is more imperative than ever. Firms’ own legacy ways of handling this data are singularly the biggest barrier to their growth and technological innovation.

If you see a digital operating model as anything other than a must-have, then you are missing out. It’s time for a serious re-think.

Words by John Macpherson — Board advisor at Leading Point, Chair of the Investment Association Engine

 

John was recently interviewed about his role at Leading Point, and the key trends he sees affecting the financial services industry. Watch his interview here


International Women's Day 2022

International Women’s Day 2022

 

Presented under the theme ‘Time to break the bias’, the discussion this year focuses on the structural gender biases and stereotypes that permeate our working norms, affecting our working environment and workplace interactions – from our hiring processes to our everyday experiences.

We possess a strong female presence in our company, with employees of all different ages, different races, and different stages in their careers. 3/7 of the senior management team are female, and 52% of our total employees are female.

Above, explore how the women and men of Leading Point try and break the bias in their everyday work-life. This could be striving to share your ideas up in a room full of people who don’t seem to value your opinion, or standing up for yourself when you feel patronised. This list goes on, and as women, there is nobody better to explain the shoes we walk in, but us!

Check out the full post on our instagram: https://www.instagram.com/p/Ca1-emvtH9_/?igshid=NWRhNmQxMjQ=


Trading Platform Interoperability

"Glue42 is proud to partner with Leading Point bringing a joint value proposition to accelerate first-class implementation, delivery, and support service for trading systems in the investment community. Their domain knowledge and subject matter expertise coupled with highly recognised and experienced industry practitioners have already revealed new ways to deliver benefits to the Financial Services market"

COO @ Glue42


WEBINAR | Regulatory Risk: Making it SMART

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Getting a consolidated view of regulatory risk data is a headache for many financial institutions. Creating senior manager and governance forum packs that bring together the latest regulatory data in an understandable way can take up days of valuable time and can overwhelm managers with their level-of-detail.

Experts from banks, hedge funds and market infrastructure providers will discuss how financial institutions can create transparency and insights from their regulatory risk data, and Leading Point will introduce their new industry-leading regulatory risk data system SMART_Dash.

Panellists will discuss:

  • The challenges of internal regulatory oversight that all financial services firms are facing
  • How businesses can create a consolidated view of their regulatory risk
  • The ways that regulatory monitoring data can be more accessible
  • An introduction to SMART_Dash; a revolutionary tool providing regulatory risk reassurance

About the panellists:

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Michelle is an experienced Compliance Professional with twenty years experience in Asset Management, specialising in alternative funds. She is a Partner (SMF27), Chief Compliance Officer (SMF16) and Money Laundering Reporting Officer (SMF17).


[/et_pb_team_member][/et_pb_column][et_pb_column type="1_4" _builder_version="4.3.4"][et_pb_team_member name="Sarah Peaston " position="Director at Regulatory Governance Consulting Limited" image_url="https://leadingpointfm.com/wp-content/uploads/2020/06/Untitled-e1593013287613.png" _builder_version="4.3.4" body_font_size="14px" custom_margin="0px|-10px|0px|-10px|false|false" custom_padding="0px|0px|0px|0px|false|false" border_color_all_image="rgba(0,0,0,0)"]

Sarah is an industry and regulatory expert who has enjoyed a Financial Services career spanning over two decades in US, UK and European investment banking and Financial Services organisations.


[/et_pb_team_member][/et_pb_column][et_pb_column type="1_4" _builder_version="4.3.4"][et_pb_team_member name="Rajen Madan" position="CEO at Leading Point" image_url="https://leadingpointfm.com/wp-content/uploads/2020/06/Rajen-photo.jpg" _builder_version="4.3.4" body_font_size="14px" custom_margin="0px|-10px|0px|-10px|false|false" custom_padding="0px|0px|0px|0px|false|false" border_color_all_image="rgba(0,0,0,0)"]

Change leader with over 20 years’ experience in helping financial markets with their toughest business challenges in data, op models, regulatory compliance, and digital platforms.
[/et_pb_team_member][/et_pb_column][et_pb_column type="1_4" _builder_version="4.3.4"][et_pb_team_member name="Thushan Kumaraswamy " position="Head of Solutions at Leading Point" image_url="https://leadingpointfm.com/wp-content/uploads/2020/06/Thush-photo.jpg" _builder_version="4.3.4" body_font_size="14px" custom_margin="0px|-10px|0px|-10px|false|false" custom_padding="0px|0px|0px|0px|false|false" border_color_all_image="rgba(0,0,0,0)"]

Thush is an expert architecture lead with over 20 years’ experience helping the world’s biggest financial services providers in capital markets, banking and buy-side to deliver practical transformations in client data, anti-financial crime, treasury, risk, ops and finance functions, and major firm-wide efficiency initiatives.
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What if business operations could be more like Lego?

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Financial services (FS) professionals from 30+ organisations tuned in to our inaugural webinar last week “What if business operations could be more like Lego?” to hear the challenges that COO and Heads of Change face in changing their business operating models and how we might break through the barriers. A summary of key takeaways from the discussion are presented below. See the webinar recording here
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The importance of ‘Know Your Operating Model’

FS firms are under renewed pressure to rethink their operating models; competitive pressure, raised consumer expectations, and continuous regulatory requirements mean constant operating model re-think and change. Yet most firms are stuck with theoretical target operating models that lack a plan, a way to measure performance and progress, or a business case. As a result, only 25% of investors are confident strategic digital transformation will be effective.**

Innovation is hindered as firms struggle to overcome significant technical debt to implement new technology (e.g. automation, AI, cloud etc.) while effectively using budget tied up in high operating costs. Indeed, 80% of technology spend in organisations is focused on legacy systems and processes, while only 20% of analytics insights deliver business outcomes and 80% of AI projects “remain alchemy, run by wizards”***

Insufficient business understanding means lost opportunities, wasteful spends & risk – if you don’t understand your business well enough, you will be exposing yourself to risks and lost opportunities.

The barriers to business understanding

Firms current approaches to business operations and change are not fit for purpose.

Insight Gap in the Boardroom: Experts with specialist toolkits are needed to structure and interpret most business information. Management’s understanding of the business is often directly related to the ability of their analytical teams to explain it to them. Most firms are still stuck with an overload of information without insights, without the right questions being asked.

Cultural Challenge: Many execs still think in terms of headcount and empire building rather than outcomes, capabilities, and clients.

Misaligned metrics: Metrics are too focused on P&L, costs and bonuses! Less on holistic organisation metrics, proof points and stories.

Complexity makes it difficult to act… Most enterprises suffer from excessively complicated operating models where the complexity of systems, policies, processes, controls, data and their accompanying activities make it difficult to act.

…and difficult to explain: Substantiating decisions to stakeholders, regulators or investors is an ongoing struggle, for both new and historic decisions.

If you can't measure it, you can't manage it: Inconsistent change initiatives without performance metrics compound errors of the past and mean opportunities for efficiency gains go unseen.
How can we break through these barriers?

Business insight comes from context, data and measurement: How the building blocks of the business fit together and interact is essential to the ‘what’ and ‘how’ of change, and measurement is key to drive transparency and improved behaviours.

Operating model dashboards are essential: Effective executives either have extremely strong dashboards underpinning their decisions or have long standing experience at the firm across multiple functions and get to “know” their operating mode innately. This is a key gap in most firms. 50% of attendees chose improved metrics & accessibility of operating model perspectives as priority areas to invest in.

Less is more: Senior managers should not be looking at more than 200 data points to run and change their business. Focusing on the core and essential metrics is necessary to cut through the noise.

The operating model data exists, it should now be harvested: The data you need probably already exists in PowerPoint presentations, Excel spreadsheets and workflow tools. Firms have struggled to harvest this data historically and automate the gathering process. We demonstrated how operating model data can be collected and used to create insights for improved decision-making using the modellr platform.

Culture change is central: Culture was voted by attendees as the #1 area to invest in, in order to improve business decision-making. Organisational culture is a key barrier to operating model change. A culture that incentivises crossing business silos and transparency will create benefits across the enterprise.

Client-driven: Clients are driving firms to more real-time processing along with the capability to understand much more information. Approaches that combine human intelligence with machine intelligence are already feasible and moving into the mainstream.

Get comfortable with making decisions with near perfect information: Increasingly executives and firms need to get comfortable with “near perfect” information to make decisions, act and deliver rapid business benefits.

Future Topics of Interest

Regulatory Reassurance: Regulators continue to expect comprehensive, responsible and tangible governance and control from Senior Managers. How can firms keep up with their regulatory obligations in a clear and simple way?

Environmental, Social & Governance (ESG): An increasingly-popular subject, ESG considers  the impact of businesses on the environment and society. ESG metrics are becoming more important for investors & regulators and firms are looking for consistent ways to measure performance and progress in ESG metrics.

Operating Model-as-a-Service: As well as managing business operations themselves, firms need to monitor the models that describe those operations; their current state, their target state and the roadmap between the two. Currently, this is often done with expensive PowerPoint presentations that are usually left in cupboards and ignored because they are not “live” documents. Metrics around the operating model can be captured and tracked in a dashboard.

Anti-Financial Crime (AFC): Money laundering, terrorist financing, fraud, sanctions, bribery & corruption; the list of ways to commit financial crime through FS firms grows by the day. How can firms track their AFC risk levels and control effectiveness to see where they need to strengthen?

Information Security: With the huge volume of data that firms now collect, process & store, there are more and more risks to keep that data secure and private. Regulations like GDPR can impose very large fines on firms that break those regulations. Industry standards, such ISO 27001, help improve standards around information security.

*,**  Oliver Wyman, 2020, The State Of The Financial Services Industry

*** Gartner, 2019, Our Top Data and Analytics Predicts for 2019

 

WEBINAR RECORDING

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WEBINAR: What if business operations could be more like lego?

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What if business transformation could be more like Lego?

Brightly coloured, tactile, and with standardised connectors, Lego bricks can be easily assembled, moved, or replaced. Making changes is easy because the structure is easy to understand, and the components and their purpose visible.

Unfortunately, business operations are nothing like Lego. The complexity in relationships between business services and the dimensions of the stack of associated systems, policies, processes, controls, data and their accompanying activities makes understanding operating models the realm of specialists and specialist tool sets.

As a result, many leaders struggle to track their operating models or digitally transform their business due to a lack of clear information and knowledge, leading to inhibited decision-making, poor communication, wasted change budgets, and unforeseen consequences.

But what if you could lower the barrier for true business understanding?

Join us on 2nd June to understand:

  • How firms can visualise and organise their business data to find the relationships within their business that matter
  • How to easily track business performance and model ‘what if’ scenarios
  • How visualisation of critical domains and data metrics can accelerate project roadmaps and execution
  • How you can better communicate your business environment to your stakeholders

Leading Point is proud to launch modellr; a data-driven storytelling tool for change leaders. modellr's interactive interface provides an intuitive visualisation of business operations, processes and managed risk.

https://leadingpointfm.com/services/modellr/

 

 
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Start-up go-to-market and client delivery

"Leading Point have been instrumental in helping us cover our COO needs at a critical stage for the business from a product readiness and a go-to-market perspective. They have developed our client implementation capability with fit-for-purpose processes, systems and methodologies, significantly improving our engagement with our target customers and our time to market. We look forward to our continued alliance with Leading Point as our implementation partner to help us grow in the right way."

CEO @ Information & Cyber Risk Startup


Event: Law, Data & Machines: How can AI reduce the cost of client repapering?

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The deadline for LIBOR is fast approaching.

Many financial institutions are struggling with their re-papering exercise and are facing similar challenges due to the sheer size, scale and scope of the problem.

Firms are under huge pressure from regulators, clients and their competitors to manage their contractual obligations more effectively:

  • Volume – The sheer volume of legal documentation to track numbers in the millons for many institutions
  • Effort – Low levels of automation and digitisation of legal workflow and processes means high no. of resources and spend on professional services
  • Spend – Current and ongoing major client documentation remediation projects such as Brexit, LIBOR, and QFC
  • Risk – Inability to track legal documentation across silos, products, or clients leads to legal, reputational, and operational risk.

Leading Point FM and iManage are hosting an industry innovation session on the use of machine learning software to automate the review and repapering of documents affected by this and other remediation projects.

Participants will be guided by leading industry practitioners on topics including:

  • De-mystifying how technology can be used in the Finance Industry and the wider use cases it solves
  • Key challenges to implementation and how to overcome them
  • The immediate and future benefits that can be gained in this approach

At this event you have an opportunity to benchmark your organisation’s approach to LIBOR and other regulations that require repapering against your peers with practitioners from the Legal, COO, and Change & Compliance sectors.

Date: 26th February 2020
Venue: City Point, 1 Ropemaker Street, London, EC2Y 9AW
Time: 16:00-18:00 followed by drinks & networking

 
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The Data Kitchen | Does data need 'science'?

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Does data need science?

There is a huge skills gap in the data landscape. Europe needs 346,000 more data scientists in 2020 for the 47% of EU organisations struggling to fill data science roles.*

Financial Services is primed to take advantage of what data science can deliver in a wide variety of use-cases like risk analytics, customer behaviour analytics, fraud detection, customer data management, algorithmic trading, natural language services – to name just a few.

However, when an estimated 70% - 85% of data science projects fail, only 20% of analytics insights deliver business outcomes, and 80% of AI projects “remain alchemy, run by wizards”, it is clear that data science is no guarantee of business success.**

Often the problems faced by organisations don’t need data science to solve. Just because your business holds unstructured data, does it need to be analysed? When Data Scientists spend up to 80% of time on "data cleaning" in preparation for data analysis, statistical modelling, & machine learning it is clear that data science/analytics aren't yet ready for self-service at the vast majority of companies.

Companies who find success with data science have a very clear idea of what they want to do with data. They think very hard about how to collect it, how to store it, how to process it, what kinds of analyses they want to perform on it, what they want to do with the results, and how to communicate the results to stakeholders.

There is a wide world of data professionals who understand that focus on the data ‘fundamentals’ i.e. quality, structure, accessibility is essential to business outcomes. Many organisations are missing these fundamentals.

So, in an environment where the skills are difficult to find and expensive to hire, ROI is hard to realise, and the data to be studied is dirty or non-existent – Does data really need science?

*Oreilly Media, 2019, Evolving Data Infrastructure

** Gartner, 2019, Gartner Top Strategic Predictions for 2020 and Beyond

 

Come to the Data Kitchen to discuss:

• What does Data Science really mean in the Financial Services context? Is there a common definition?

• How does data engineering improve the speed and quality of data scientists' work?

• Are there best practices to delivering ROI in data science in Financial Services?

• Are traditional data roles being superseded by ‘scientists’?

Why should you come?

Learn from experienced FS practitioners about how they have delivered business initiatives with data as an asset

Share ideas on how you can position yourself in the dynamic world of data

Network with like-minded people from FS, Fintech, VC’s, and Data-Innovators and gain insights on career paths

Whether you are a recent graduate, a businessperson, a technologist, a data scientist or just work on data initiatives, come along to meet like-minded people.

 

Introducing The Data Kitchen

Food | The Kitchen is where people gather to eat, drink and spend time with family. But it is also a place of work. You can do both at the Data Kitchen.

Data | The Data Kitchen is a community of people interested in, or working with, data in Financial Services. Every event focuses on a different theme related to data as an asset or data as a liability and related innovative topics within Financial Services.

Community | We aim to provide a warm, conversational atmosphere to share ideas, learn and network over drinks and hot food. Our events are free and open to everyone.

Insight | The events are a great opportunity to listen to fascinating insight on the modern developments in data-innovations, AI, DLT in the industry through experiences of FS and Fintech professionals.

Tickets are available on a 1st come, 1st served basis.

Future Events

April 2020 Burrito vs Pastry chef - Does data need to be fancy?

June 2020 Farm to table for Data - How important are your data sources?

August 2020 Data Lasagne – Many cheesy layers?

October 2020 The Data Practitioners Cookbook
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Leading Point FM featured in IFTA 2019 Trade Handbook

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Leading Point has been featured in the “India Fintech Awards - IFTA 2019” Trade Handbook highlighting 30 UK fintechs with a strong presence or interest in the Indian market. We are proud to be selected alongside Transferwise, Revolut, R5FX and Onfido. This demonstrates our ongoing partnerships with the East and sets us up for an exciting 2020!

Our team was part of the Fintech Trade Mission to India in May-June 2019 with the London Mayors Office and will be participating again in 2020.

 

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Leading Point FM successfully delivers ISO 27001 certification for Fintech client

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Leading Point led the certification process for external global accreditation ISO 27000 for one of their leading global Distributed Ledger Technology clients. ISO 27001 is an international Information Security Management System standard providing best practice in improving information security and also compliance with GDPR. The COO of Adjoint found Leading Point's steer in Stage 1 & 2 delivery and execution invaluable: 

"We partnered with Leading Point Financial Markets to define and implement our ISMS. Adjoint selected to partner with Leading Point on this project because they have extensive experience within the FinTech industry, this coupled with the expertise and experience within the information security domain, Leading Point were the obvious choice for this project. What should not be overlooked is Leading Point's influence and recommendations in deciding the most appropriate certification to go for as well as guidance on what ongoing maintenance would be best suited for our needs and match with those of the global certification provider."

 
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About Leading Point Financial Markets:

Leading Point FM is a data-driven business solutions provider for transformative plays in Financial Services. It works with FinTech, RegTech, DataTech on the one hand and established Financial Institutions to deliver smoother, cost effective business operations. Global financial institutions use Leading Point FM for its Think Fast design, domain data assets and unique ability to deploy ML, AL and DLT in functions such as Client Lifecycle Management, Compliance, Legal, Risk and Data Analytics.
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About Adjoint:

Adjoint Treasury is a powerful platform that unifies your treasury workstation, accounting record, and bank systems to enable real-time payments & settlements, cash management & flexible intercompany loans. Gain visibility, increase control and allow for instantaneous transfers without cumbersome reconciliations.
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The Data Kitchen: 'Data & Risk: Have you left the stove on?'

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In our Data Kitchen event we reviewed the Cyber Security threat landscape, market trends and covered key questions regarding Information Security. It was a highly interactive session with insights on:

-        Where does Info Security fit in the organization in Fintech, Established Financial Institutions and what does the Info Security Solution Ecosystem look like

-        What role does tech play in Info Security?

-        What are the key business Data Risk challenges and focus for the next 5 years?

-        Where are the future opportunities and risk mitigation

 

The Recipe’ for tackling InfoSec problems in the rapidly evolving digital innovation landscape in financial services includes seven ingredients

  1. Culture – Cyber is not just a technology problem, it is a people problem. You cannot mitigate cyber risks with just technology; embeddin g the right culture in your people is vital.
  2. Knowing what is important – Data is expanding exponentially – you have to know what you need to protect. Only by defining importan t data, reducing the data “signal noise” and joining multiple data up can organisations look to protect it.
  3. Speed means risk – The speed of innovation is often faster than the ‘speed’ of safety. Understanding that as the world moves towards ‘real-time’, batch-processing operating models will be left behind. As technology and data adoption is rapidly changing, data protection has to keep up as well – there is little point in investing in technology until you really understand your risks and your exposure to those risks. This is increasingly true of new business-tech frameworks, including DLT, AI and Open Banking. In turn this should inform product design and business strategy of Fintech.
  4. Master the Basics – 80% of UK companies and startups are not even Cyber Essentials ready, which shows that real fundamentals are not bei ng dealt with. Larger companies are rigid and not sufficiently agile – more demands are being placed on teams but without sufficient resources and skills development. Large companies cannot innovate if they are not given the freedom to actually adapt.
  5. Collaboration – Plenty of innovative startups are created day-by-day and more to follow in the future. Large businesses need to be more open to collaborating with them to help speed up advancements in the Cyber Risk space.
  6. Technology Plays a Key Role – Emerging operating models are more open API’s Fintech, and organisations need to stitch together many poi nt solutions. Tech can help here if deployed correctly. To join up multiple data. To provide transparency of messages cross in and out of systems.  To execute and detect information security processes and controls with 100X efficiency and speed. This is material in the new world of FS.
  7. Take a holistic view of your data risk – Cyber risk (especially regarding data protection) is simultaneously a compliance problem (regul atory risk, legal risk etc.), an architecture problem (infrastructure, business continuity, etc.), and a business problem (reputational risk, loss of trust, ‘data poisoning’, competitor intelligence etc.). i.e. You can have the best Cyber Security software in the world, but it is worthless if your customer data server’s power supply is exposed on the outside of the building. There are existing risk assessment frameworks for managing operational risk (example: ORMF) – why not plug in?

Just a quick note to say thank you for your interest in The Data Kitchen!

We had an excellent turn out of practitioners from organisations including: Deutsche Bank, Lloyds Banking Group, Star Compliance Inc, Panaseer, JPMorgan, HSBC, Kubrick Group, Macquarie Group, Bank of America, Standard Chartered Bank, FinchCapital, Adjoint Inc, ICE, QVC, Flux and Mizuho at the latest Data Kitchen last week.

For our second Data Kitchen we thought our ‘chefs’ brought out some brilliant ingredients and insights from their experiences in addressing Cyber Security strategically, representing Fintech, Institutional, Investor and Tech viewpoints.

  • David Reynolds, SEED VC
  • Gary Wong, Razor Risk
  • Somil Goyal, Adjoint

…And Maître De - Rajen Madan, Leading Point FM

 We would like to thank our chef’s again and to all participants for sharing plenty of ideas on future topics, games and live solutions.

The next Data Kitchen – Does data need ‘science’? will be on the 20th Feb 2020!

Register here: https://www.eventbrite.co.uk/e/the-data-kitchen-does-data-need-science-tickets-84178635565

We are also proud to present a sequel to this Data Kitchen: Data & Risk ‘Have you left the stove on?’ for June 2020, where we will be bringing 5 high potential cybersecurity starts-ups to pitch and showcase their solutions – Stay tuned!
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IR35 & YOU


The Data Kitchen | Data & Risk: Have you left the stove on?

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Data & Risk: Have you left the stove on?


Data, Data, Data. Whether it's 'Big', 'Structured', 'Personal' or 'Meta', in a lake, silo or vault - More data was created in the last 5 years than in the entirety of human history. Whether it’s on your smartphone, excel, social media or tableau, people are interacting with more and more data every day.

The rapid adoption of new technology, such as artificial intelligence or the cloud has provided more and more complex data risks for organisations. While addressing concerns on data privacy and the ethical use of data are now priorities, businesses continue to digitise and become more data driven.

With many (and increasing) high profile data breaches, Information Security & Cyber risk are now (or should be) board level priorities.

Come to the Data Kitchen to discuss:

  • What are the key business data risk challenges in the next 5 years?
  • How does (or should) Information Security fit within organisations?
  • What is working, what is not?
  • How do you know your data infrastructure is fit for purpose?
  • Where does technology come into the picture?

Why should you come?

  • Learn from experienced FS practitioners about how they have delivered business initiatives with data as an asset
  • Share ideas on how you can position yourself in the dynamic world of data
  • Network with like-minded people from FS, Fintech, VC’s, and Data-Innovators and gain insights on career paths
  • Whether you are a recent graduate, a businessperson, a technologist, a data scientist or just work on data initiatives, come along to meet like-minded people.

Introducing The Data Kitchen


Food | The Kitchen is where people gather to eat, drink and spend time with family. But it is also a place of work. You can do both at the Data Kitchen.

Data | The Data Kitchen is a community of people interested in, or working with, data in Financial Services. Every event focuses on a different theme related to data as an asset or data as a liability and related innovative topics within Financial Services.

Community | We aim to provide a warm, conversational atmosphere to share ideas, learn and network over drinks and hot food. Our events are free and open to everyone.

Insight | The events are a great opportunity to listen to fascinating insight on the modern developments in data-innovations, AI, DLT in the industry through experiences of FS and Fintech professionals.

Tickets are available on a 1st come, 1st served basis.

Future Events


November 2019 Hester Blumenthal or Hairy Biker - Does data need 'science'?

January 2020 Burrito vs Pastry chef - Does data need to be fancy?

February 2020 Farm to table for Data - How important are your data sources?

March 2020 Data Lasagne – Many cheesy layers?

April 2020 The Data Practitioners Cookbook

 

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Leading Point FM Shortlisted For Data Management Insight Awards

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Leading Point Financial Markets has been shortlisted for the A-Teams Data Management Insight Awards.

Data Management Insight Awards, now in their seventh year, are designed to recognise leading providers of data management solutions, services and consultancy within capital markets.

Leading Point has been nominated for four categories:

  1. Most Innovative Data Management Provider
  2. Best Data Analytics Solution Provider
  3. Best Proposition for AI, Machine Learning, Data Science
  4. Best Consultancy in Data Management

View the short list of our competition. 

Areas of Outstanding Service & Innovation

Leading Form Index: Data readiness assessment, created by Leading Point FM, which measures firms data capabilities and their capacity to transform across 24 unique areas. This allows participating firms to understand the maturity of their information assets, the potential to apply new tech (AI, DLT) and benchmark with peers.

Chief Risk Officer Dashboard: Management Information Dashboard that specifies, quantifies, and visualises risks arising from firms’ non-financial, operational, fraud, financial crime, and cyber risks.

Leading Point FM ‘Think Fast’ Application: The application provides the ability to input use cases and solution journeys and helps visualise process, systems and data flows, as well as target state definition & KPI’s. This allows business change and technology teams to quickly define and initiate change management.

Anti-Financial Crime Solution: Data centric approach combined with Artificial Intelligence technology reimagines and optimises AML processes to reduce volumes of client due diligence, reduce overall risk exposure, and provide the roadmap to AI-assisted automation.

Treasury Optimisation Solution: Data content expertise leveraging cutting edge DLT & Smart Contract technology to bridge intracompany data silos and enable global corporates to access liquidity and efficiently manage finance operations.

Digital Repapering Solution: Data centric approach to sourcing, management and distribution of unstructured data combined with NLP technology to provide roadmap towards AI assisted repapering and automated contract storage and distribution.

Leading Form Practical Business Design Canvas: A practical business design method to describe your business goals & objectives, change projects, capabilities, operating model, and KPI’s to enable a true business-on-a-page view that is captured within hours.

ISO 27001 Certification - Delivery of Information Security Management System (ISMS) & Cyber risk mitigation with a Risk Analysis Tool

 
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24th September: Leading Point FM Presenting to AIMA on Practical Challenges of the LIBOR transition

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EVENT: 24th September, 2019

Leading Point FM in partnership with Linklaters, DRS and AIMA are briefing buy-side hedge funds and asset managers on the practical challenges they face in the transition away from LIBOR at an AIMA membership briefing.

Interbank offered rates (IBORs) play a central role in financial markets and act as reference rates to hundreds of trillions of dollars in notional of derivatives and trillions of dollars in bonds, loans, securitizations and deposits.

The FCA will no longer seek require banks to submit quotes to the London Interbank Offered Rate (LIBOR) – LIBOR will be unsupported by regulators come 2021, and therefore, unreliable. The rate is referenced by over $350trillion of existing financial products. It is instrumental in the derivatives, credit and bond markets as well as being embedded in modelling and accounting systems. LIBOR’s replacement is the largest task the financial markets have ever faced - the clock is ticking.

Please join Leading Point FM and market experts from a wide range of disciplines to discuss the challenges of the cessation of LIBOR.:
- The regulatory backdrop to LIBOR’s demise
- The size and scope of the challenge
- The new risk-free rate replacements
- The practical challenges and opportunities posed by the end of LIBOR

This event is open to AIMA members only. Please contact AIMA here: https://www.aima.org/events.html

 
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Speakers -

Nick Railton Edwards - Head of Research, DRS

Mark Brown - Derivatives and Structured Products Partner, Linklaters

Rajen Madan – Founder & CEO, Leading Point Financial Markets
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The Data Kitchen: Data - A Key Ingredient For Your Personal Brand

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Data - A key Ingredient for Your Personal Brand.

 

Data, Data, Data. Whether it's 'Big', 'Structured', 'Personal' or 'Meta', in a lake, silo or vault - More data was created in the last 5 years than in the entirety of human history. Whether it’s on your smartphone, excel, social media or tableau, people are interacting with more and more data every day.

Financial services and Fintechs are actively looking at ways to be more data-led businesses, unlock revenue from their data, better support their client journeys, meet regulatory requirements and manage the risks and liabilities involved in handling the sheer volume and variety of data these days. What’s important and what’s not? How do you distinguish yourself from the crowd? How do you build a career in data-led businesses?

Come to the Data Kitchen for an informal, non-technical discussion with experienced financial services and fintech professionals on how they have practically delivered business outcomes using data as an asset, and how they have grown their personal brand and career with data.

Why should you come?

  • Learn from experienced FS practitioners about how they have delivered business initiatives with data as an asset
  • Share ideas on how you can position yourself in the dynamic world of data
  • Network with like-minded people from FS, Fintech, VC’s, and Data-Innovators and gain insights on career paths

Whether you are a recent graduate, a businessperson, a technologist, a data scientist or just work on data initiatives, come along to meet like-minded people.

 

Participants include: 

 

Peter Krishnan | JPMorgan

Ieva Elvyra Kazakeviciute | Revolut

Milan Kutmutia | Deutsche Bank

Rajen Madan | Leading Point Financial Markets

 

Introducing The Data Kitchen

 

Food | The Kitchen is where people gather to eat, drink and spend time with family. But it is also a place of work. You can do both at the Data Kitchen.

Data | The Data Kitchen is a community of people interested in, or working with, data in Financial Services. Every event focuses on a different theme related to data as an asset or data as a liability and related innovative topics within Financial Services.

Community | We aim to provide a warm, conversational atmosphere to share ideas, learn and network over drinks and hot food. Our events are free and open to everyone.

Insight | The events are a great opportunity to listen to fascinating insight on the modern developments in data-innovations, AI, DLT in the industry through experiences of FS and Fintech professionals.

Tickets are available on a 1st come, 1st basis.

 

Future Events

 

September 2019 Data is brewing

October 2019 Hester Blumenthal or Hairy Biker - Does data need 'science'?

November 2019 Data & Risk: Have you left the stove on?

January 2020 Burrito vs Pastry chef - Does data need to be fancy?

February 2020 Farm to table for Data - How important are your data sources?

March 2020 Data Lasagne – Many cheesy layers?

April 2020 The Data Practitioners Cookbook

 
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Falsely Positive - Event Highlights

 

Leading Point Financial Markets hosted a roundtable event to discuss the feasibility of adopting Artificial Intelligence (AI) for Anti-Financial Crime (AFC) and Customer Lifecycle Management  (CLM). A panel of SMEs and an audience of senior execs and practitioners from 20+ Financial Institutions and FinTechs undertook a detailed discussion on the opportunity and practicality of adopting data-driven AI approaches to solve business issues AFC business issues.

The discussion centred AI solutions’ feasibility within 3 key AFC process examples, Customer Due Diligence (CDD), Transaction Screening & Transaction Monitoring. Participants attending included: Financial Conduct Authority, JP Morgan, HSBC, Deutsche Bank, Credit Suisse, Morgan Stanley, Barclays, BAML, UBS, Santander, CBA, as well as the Financial Times and a variety of challenger FinTechs.

We’ll be releasing a report of the event, including survey results of the audience, over the next few weeks – so watch this space. If you weren’t able to attend and would like a copy of the report – please take our survey and leave your email address here - https://lnkd.in/dt-Tgcp


Leading Point FM forges strategic AI partnership for Anti-Financial Crime

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Specialist Data-Driven Business Solutions company Leading Point FM will apply and augment Daric’s Artificial Intelligence (AI) platform to provide lean, accelerated solutions for Anti-Financial Crime to serve both established Financial Institutions and challenger FinTechs.

Firms are facing huge pressures to improve their Anti-Financial Crime (AFC) capabilities in 2019. Large volumes of data, growing regulatory requirements, poor data quality, high compliance & operating costs and customer digital experience are the most common pain points that firms experience.

With Daric’s AI capabilities, Leading Point FM will enable firms to harness the power of ML and AI to identify customer risk, dynamically screen payments against transaction history, automate periodic reviews and enhanced due-diligence processes and embed risk intelligence. The combined approach will give financial institutions deeper understanding of their clients, reduce false positives, assure compliance for new regulations and improve business KPI’s.

The partnership comes ahead of the 5th EU Money Laundering Directive, and multiple, billion-dollar fines handed from U.S and UK authorities.

“By combining our expertise with Daric’s AI and expanding our practice in London with new industry hires, we are equipping our clients with an integrated approach to Anti-Financial Crime, one that is based on real process re-imagining, domain expertise, data assets and AI-powered customer insights rather than point solutions and remediation projects which don’t deliver any meaningful business results. There is a great opportunity for firms to address money laundering, fraud prevention and cyber risk requirements with a holistic approach on the underlying data – this is precisely what the Leading Point and Daric partnership make uniquely possible for firms with substantial savings.” said Rajen Madan during a high profile trade mission of leading UK fintech companies led by the Mayor of London’s International Business Programme, with other leading UK fintech companies to India to explore growth opportunities with investors, FinTechs and Industry Leaders at the Barclays Rise Accelerator in Mumbai.

Daric CTO & Co-Founder Vasant Ramachandran added:

“We are thrilled to be working with Leading Point FM to deliver this end-to-end value proposition and increase the impact of our technology for Anti Financial crime use-cases such as client intelligence, transaction monitoring and risk management. This will allow our clients to drive automation across their workflows and to adopt risk-augmented models based upon data intelligence. Technology and process re-imagining go hand in hand.”
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About Leading Point Financial Markets:

Leading Point FM is a data-driven business solutions provider for transformative plays in Financial Services. It works with FinTech, RegTech, DataTech on the one hand and established Financial Institutions to deliver smoother, cost effective business operations. Global financial institutions use Leading Point FM for its Think Fast design, domain data assets and unique ability to deploy ML, AL and DLT in functions such as Client Lifecycle Management, Compliance, Legal, Risk and Data Analytics. 
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About Daric:

Daric uses Machine Learning and Artificial Intelligence to improve client digital journeys, real time transaction screening, fraud prevention and risk intelligence for banks and financial institutions. The company is based in Santa Clara, California. Their technology team includes veterans of Goldman Sachs, Palantir Technologies, Google, and LinkedIn, and their investors include industry leaders including Wells Fargo CEO Richard Kovacevich and Goldcrest Investments.
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LIBOR Transition - Preparation in the Face of Adversity

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LIBOR TRANSITION IN CONTEXT

What is it?  FCA will no longer seek require banks to submit quotes to the London Interbank Offered Rate (LIBOR) – LIBOR will be unsupported by regulators come 2021, and therefore, unreliable

Requirement: Firms need to transition away from LIBOR to alternative overnight risk-free rates (RFRs)

Challenge: Updating the risk and valuation processes to reflect RFR benchmarks and then reviewing the millions of legacy contracts to remove references to IBOR

Implementation timeline: Expected in Q4 2021
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HOW LIBOR MAY IMPACT YOUR BUSINESS

Front office: New issuance and trading products to support capital, funding, liquidity, pricing, hedging

Finance & Treasury: Balance sheet valuation and accounting, asset, liability and liquidity management

Risk Management: New margin, exposure, counterparty risk models, VaR, time series, stress and sensitivities

Client outreach: Identification of in-scope contracts, client outreach and repapering to renegotiate current exposure

Change management: F2B data and platform changes to support all of the above
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WHAT YOU NEED TO DO

Plug in to the relevant RFR and trade association working groups, understand internal advocacy positions vs. discussion outcomes

Assess, quantify and report LIBOR exposure across jurisdictions, businesses and products

Remediate data quality and align product taxonomies to ensure integrity of LIBOR exposure reporting

Evaluate potential changes to risk and valuation models; differences in accounting treatment under an alternative RFR regime

Define list of in-scope contracts and their repapering approach; prepare for client outreach
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“[Firms should be] moving to contracts which do not rely on LIBOR and will not switch references rates at an unpredictable time”

Andrew Bailey, CEO,
Financial Conduct Authority (FCA)
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“Identification of areas of no-regret spending is critical in this initial phase of delivery so as to give a head start to implementation”

Rajen Madan, CEO,
Leading Point FM

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BENCHMARK TRANSITION KEY FACTS
  • Market Exposure - Total IBOR market exposure >$370TN 80% represented by USD LIBOR & EURIBOR
  • Tenor - The 3-month tenor by volume is the most widely referenced rate in all currencies (followed by the 6-month tenor)
  • Derivatives - OTC and exchange traded derivatives represent > $300TN (80%) of products referencing IBORs
  • Syndicated Loans - 97% of syndicated loans in the US market, with outstanding volume of approximately $3.4TN, reference USD LIBOR. 90% of syndicated loans in the euro market, with outstanding volume of approximately $535BN, reference EURIBOR
  • Floating Rate Notes (FRNs) - 84% of FRNs inthe US market, with outstanding volume of approximately $1.5TN, reference USD LIBOR. 70% of FRNs in the euro market,with outstanding volume of approximately $2.6TN, reference EURIBOR
  • Business Loans - 30%-50% of business loans in the US market, with outstanding volume of approximately $2.9TN, reference USD LIBOR. 60% of business loans in the euro market, with outstanding volume of approximately $5.8TN, reference EURIBOR

*(“IBOR Global Benchmark Survey 2018 Transition Roadmap”, ISDA, AFME, ICMA, SIFMA, SIFMA AM, February 2018)
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Event: Falsely Positive - Is AI the Silver Bullet for Anti-Financial Crime?

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ADDRESSING THE AFC BUSINESS CHALLENGES


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Firms are facing huge pressure to improve their Anti-Financial Crime (AFC) capabilities in 2019 across fraud, cyber, AML, sanctions, data security, ABAC.

The combination of new and evolving regulation, firms’ operational complexity and increases in cyber crime have led to dissatisfied clients, poor risk management, massive compliance costs and increased competition from challenger banks.

This situation is only getting worse as shortage of expertise, cultural resistance to change, and depleted internal resources create barriers to digital transformation in a fragmented solutions marketplace.

Maturing Artificial Intelligence (AI) technology is being positioned as ‘the answer’ - some estimating it can reduce costs in AFC by as much as 47%.*

*Autonomous, April 2018, “Machine Intelligence & Augmented Finance”
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 “There is no question that AI shows great promise in the long term – it could transform our industry…”

Rob Gruppetta,
Head of Financial Crime, Financial Conduct Authority (FCA)
Nov 2018
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HOW CAN DATA-DRIVEN AI APPROACHES HELP?


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[AI] has the potential to slash the costs of the [regulatory] challenge … by reducing false positives in monitoring systems and redirecting the efforts of human experts to other, more productive, areas

World Economic Forum,
Jan 2019
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What outcomes do organisation stakeholder groups seek from their Client Journey, Risk Management and AFC Operating Models?

Business: Reduce onboarding and maintenance bottlenecks to accelerate timelines and improve client journeys, enable data-driven granular understanding of clients.

COO & CTO: Improve the efficiency, accuracy, and adaptability of screening and transaction monitoring workflows to provide efficiency gains and improved KPIs.

Regulatory & Compliance: Automate governance of complex models and reporting tools to support regulatory review and put compliance in the front-line

Risk Management: Segment clients according to contextual and transactional behaviour to better evaluate emerging AFC threats and improved risk thresholds
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HOW CAN FIRMS GRASP THE AI OPPORTUNITY?

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How can organisations grasp the AI opportunity? Is AI a Silver Bullet or a Red-Herring?

What best practices and practical implementation insights are available for organisations to up their game in client digital journeys, risk management & AFC?

An executive workshop of leaders & practitioners from Business, CIO, COO, AFC and Change will assess the opportunity of adopting data-driven AI approaches and discuss practical ways to solve business issues related to AML / AFC. Whether you are an AI skeptic, evangelist or pragmatist, attend this session to:

  • Understand AI and how it relates to AFC, Client Journey & Risk Management
  • See 3 core business use cases of AI in action with live solutions
  • Understand how to structure the implementation journey & pitfalls to avoid

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1. Understand the business challenges & where you can up your game in AFC?

2. Live solutions: 3 core AFC business use cases with AI

3. How to remove barriers & implement with success
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Data Innovation, Uncovered

 

Leading Point Financial Markets recently partnered with selected tech companies to present innovative solutions to a panel of SMEs and an audience of FS senior execs and practitioners across 5 use-cases Leading Point is helping financial institutions with. The panel undertook a detailed discussion on the solutions’ feasibility within these use-cases, and their potential for firms, followed by a lively debate between Panellists and Attendees.

EXECUTIVE SUMMARY

“There is an opportunity to connect multiple innovation solutions to solve different, but related, business problems”

  • 80% of data is relatively untapped in organisations. The more familiar the datasets, the better data can be used
  • On average, an estimated £84 million (expected to be a gross underestimation) is wasted each year from increasing risk and delivery from policies and regulations
  • Staying innovative, while staying true to privacy data is a fine line. Solutions exist in the marketplace to help
  • Is there effective alignment between business and IT? Panellists insisted there is a significantly big gap, but using business architecture can be a successful bridge between the business and IT, by driving the right kinds of change
  • There is a huge opportunity to blend these solutions to provide even more business benefits

CLIENT DATA LIFECYCLE (TAMR)

  • Tamr uses machine learning to combine, consolidate and classify disparate data sources with potential to improve customer segmentation analytics
  • To achieve the objective of a 360-degree view of the customer requires merging external datasets with internal in a appropriate and efficient manner, for example integrating ‘Politically Exposed Persons’ lists or sanctions ‘blacklists’
  • Knowing what ‘good’ looks like is a key challenge. This requires defining your comfort level, in terms of precision and probability based approaches, versus the amount of resource required to achieve those levels
  • Another challenge is convincing Compliance that machines are more accurate than individuals
  • To convince the regulators, it is important to demonstrate that you are taking a ‘joined up’ approach across customers, transactions, etc. and the rationale behind that approach

LEGAL DOCS TO DATA (iManage)

  • iManage locates, categorises & creates value from all your contractual content
  • Firms hold a vast amount of legal information in unstructured formats - Classifying 30,000,000 litigation documents manually would take 27 years
  • However, analysing this unstructured data and converting it to structured digital data allows firms to conduct analysis and repapering exercises with much more efficiency
  • It is possible to a) codify regulations & obligations b) compare them as they change and c) link them to company policies & contracts – this enables complete traceability
  • For example, you can use AI to identify parties, dates, clauses & conclusions held within ISDA contract forms, reports, loan application contracts, accounts and opinion pieces

DATA GOVERNANCE (Io-Tahoe)

  • Io-Tahoe LLC is a provider of ‘smart’ data discovery solutions that go beyond traditional metadata and leverages machine learning and AI to look at implied critical and often unknown relationships within the data itself
  • Io-Tahoe interrogates any structured/semi-structured data (both schema and underlying data) and identifies and classifies related data elements to determine their business criticality
  • Pockets of previously-hidden sensitive data can be uncovered enabling better compliance to data protection regulations, such as GDPR
  • Any and all data analysis is performed on copies of the data held wherever the information security teams of the client firms deems it safe
  • Once data elements are understood, they can be defined & managed and used to drive data governance management processes

FINANCIAL CRIME (Ayasdi)

  • Ayasdi augments the AML process with intelligent segmentation, typologies and alert triage. Their topological data analysis capabilities provide a formalised and repeatable way of applying hundreds of combinations of different machine learning algorithms to a data set to find out the relationships within that data
  • For example, Ayasdi was used reason-based elements in predictive models to track, analyse and predict complaint patterns. over the next day, month and year.
  • As a result, the transaction and customer data provided by a call centre was used effectively to reduce future complaints and generate business value
  • Using Ayasdi, a major FS firm was able to achieve more than a 25% reduction in false positives and achieved savings of tens of millions of dollars - but there is still a lot more that can be done

DATA MONETISATION (Privitar)

  • Privitar’s software solution allows the safe use of sensitive information enabling organisations to extract maximum data utility and economic benefit
  • The sharp increase in data volume and usage in FS today has brought two competing dynamics: Data protection regulation aimed at protecting people from the misuse of their data and the absorption of data into tools/technologies such as machine learning
  • However, as more data is made available, the harder it is to protect the privacy of the individual through data linkage
  • Privitar’s tools are capable of removing a large amount of risk from this tricky area, and allow people to exchange data much more freely by anonymisation
  • Privitar allows for open data for innovation and collaboration, whilst also acting in the best interest of customers’ privacy

SURVEY RESULTS

  • Encouragingly, over 97% of participants who responded confirmed the five use cases presented were relevant to their respective organisations
  • Nearly 50% of all participants who responded stated they would consider using the tech solutions presented
  • 70% of responders believe their firms would be likely to adopt one of the solutions
  • Only 10% of participants who responded believed the solutions were not relevant to their respective firms
  • Approximately 30% of responders thought they would face difficulties in taking on a new solution