Introducing TRG Screen Usage Management
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TRG Screen Usage Management helps financial institutions gain greater understanding of their usage of reference data services via the XMon reference data tracking platform, offered in partnership with Xpansion, XMon features many of the key attributes required for grasping control of reference data usage, enabling clients to optimize cost and allocate service expenditure more accurately and fairly.
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As a result of the greater understanding of user consumption offered by XMon, and subsequent optimisation of data resources, customers have enjoyed significant business benefits. One large hedge fund in North America, for example, reported 45% of direct costs savings from improved transparency and licensing compliance. Another large global asset management firm was able to shave 25% off its $2.5 million annual data spend.
According to the CTO of a large hedge fund: “We’ve reduced our data licence from $30,000 per month to $12,000 per month in a year. I wouldn’t have had the management oversight to push this change without XMon.”
Said a COO at a large asset manager: “We’re using XMon to enforce firmwide reference data entitlements and access control. Generating usage reports and data access audit trail is a breeze - what used to take us weeks can now be run in minutes.” Added another: “XMon helped us identify and automatically block non-compliant data requests. This would have cost us a hefty fine.”
The XMon platform monitors all data entering the organization and tracks all requests to vendors. This gives data managers transparency around how specific data sets are being used, allowing them to allocate costs and impose controls where necessary. The platform also allows them to run what-if scenarios for data consumption, and simulate the prospective costs of those scenarios.
XMon also tracks the flow of data through the organization. This capability allows data managers to identify duplicate requests for the same data sets, enabling them to optimize usage by mapping service access to internal need. This also helps create more accurate cost allocations and more detailed usage reporting.
Establishing a Clear Audit Trail
Finally, XMon monitors data leaving the organization. This is particularly useful for global custodians, fund administrators and SaaS-based applications providers, who need to understand how their data is being consumed by external clients. XMon establishes a clear audit trail, which can be used to assess usage by cloud and SaaS clients and enforce data usage compliance.
Through this approach, XMon helps financial institutions establish enhanced controls for data managers, providing them with greater insight into internal usage of reference data services. It also supports streamlined reporting and eases the vendor audit process, by keeping usage data continuously up to date.