Four best practices to keep the Nordic back office fit
Your middle- and back-office systems are the spine of your operation: if they’re unhealthy or misaligned, the whole business suffers. But when building a strategy to differentiate your service for your customers, it’s easy to focus most of your attention on the front office.
If you want to be able to deliver scalable infrastructure, flexible data management and greater efficiency, all of your systems need to be in alignment. To take full advantage of commercial opportunities and to strengthen existing relationships, Nordic banks and brokers need to consider these four key elements of their back-office capabilities:
The past few years have been a test of existing back-office operations. The level of data quality required to support external regulatory outputs (such as MiFID II transaction reports in Europe), as well as improved internal data governance requirements under the Comprehensive Capital Analysis and Review (CCAR) in the US, have far surpassed the levels of data infrastructure needed in the previous decade.
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