Transparency and data management for family offices

Thursday, November 18, 2021 | By Darren Berkowicz, Managing Director

Transparency and data management for family offices

Data management and transparency go hand in hand. Family offices rely on quality data to maintain the level of transparency expected by clients and regulators alike. A golden data set is created by aggregating data from multiple sources and cleansing and normalizing it into a single source. Everything in the office should use this single source of data.

Some key areas Family offices use to make sure they’re including the necessary elements in their data management strategy:

  • Security
  • Transparency
  • Accounting
  • Reporting
  • Tax
  • Subject Matter Experts

A golden data set alone does not equal transparency, however, and a lack of transparency can create risk to ownership structures, performance, operational and counterparty, portfolio holdings, and portfolio fees. Those risks are increased for offices that may struggle with data management, particularly those that rely on spreadsheets and manual processes to keep track of their data. There are many ways to improve transparency and reduce risk. One way is through a data management partner. Data management partners can offer industry expertise, tools and technology resources that many family offices lack in-house.

In our "How Transparency can Improve Risk Mitigation for Family Offices" webinar, we explored these elements and more with Bob Casey, Consultant and Editor in Chief at Ultra High Net Worth Institute, and Paul McKibbin, Private Client Services, Family Office Advisory Services at Ernst & Young. SS&C was represented in the webinar by Darren Berkowicz, Managing Director, and moderator Neill Reilly, Director in Business Development. Watch the "How Transparency can Improve Risk Mitigation for Family Offices" webinar today to learn more about reducing risk through transparency.

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