Market Data Validation

Our client, one of the largest leading Italian banking groups, deals with big data every day of the year. It’s no surprise, as they handle investment, consumer and retail banking and also have branches in New York, London and Paris. In 2015 they achieved revenues of $2bn.

To stay ahead of the game however, they had a clear need to increase operational efficiency and improve business strategy in alignment with their Market Data Validation initiative.

To make this work they had a number of clear objectives:

  • to identify a Market Data Repository
  • define data population processes
  • create a validation environment for users in the Middle Office and Risk Management

The validation environment had to respond to specific consultation, analysis, adjustment and distribution needs for results, which presented them with a number of challenges that needed addressing. The tool that could achieve these results had to be highly flexible in order to adapt to different ranges of needs and requirements, which are continuously changing and evolving. Rapid response times were crucial for effective elaboration on the big data too.

Finally, their time to market also needed to be aligned with the overall bank group business strategy.

A huge amount to consider, develop and achieve, then. They needed data management experts upon who they could rely to be up to the task – but thankfully they’d already worked with such a team in the past.


The Solution – Irion

To help the client to successfully achieve their aims and objectives, Irion uses a process of acquisition, archiving, elaboration and visualization for data executed daily and automatically, and does all this in very short amounts of time.

The system can perform multiple controls including missing data, stale price, gap analysis, variance and monotony for time series.

Ever flexible, Irion is able to acquire daily input data from other organisational systems, execute the necessary elaboration and then dynamically and automatically apply validation rules to produce the results needed.

Our solution gives the user the possibility to refer to synthesized validation results with a high level of detail through an easy to use dashboard where they can even make adjustments to data.

The solution provides a completely automatic, traceable and repeatable environment for the client.

The Benefits

With Irion our client was able to successfully and impressively realise a Market Data Validation System for their Middle Office and Risk Management functions.

Irion meets every single one of the client’s needs and in particular it structures processes that were previously managed in excel files. Now those processes are wholly simplified and our expertise has provided them with a cost and time-effective system that delivers much greater efficiency and accuracy. It has expanded their valuation parameters and manages validation and adjustment with complete tracking of activities and changes made by users.

Because our experienced industry specialists have that all-important elevated competence in banking and financial processes – of a kind which is so difficult to find elsewhere – we were able to swiftly understand the clients’ needs from the outset of the project through to operative completion – dramatically reducing risk and cost for them across the board.