The current structure of IT systems, especially trade and risk management applications, lies at the heart of many of the largest issues faced by financial services firms today. Typically, these risk management systems have evolved over time to meet short-term, focused, tactical needs. This evolution is interrupted by globalisation, organic growth and frequent mergers and acquisitions, which leave 'deep scars' in the IT landscape and force together systems of different origins
While individual systems may meet the functional requirements of their primary users, many organisations struggle to achieve a consistent, accurate and timely view of their business as a whole. This is notable when it comes to management and control functions such as trade management, or quantifying risk measures or P&L across several asset classes – all of which require a holistic view across multiple business lines (and therefore multiple systems).
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