Data controls: 3 questions to ask your service provider

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In the eco-system of outsourcing, flexible, transparent co-sourcing creates the optimal environment for your operations and people to thrive. Your firm should ask three questions when evaluating an operational service provider to ensure that the proper data controls are in place:

  1. Does the service provider manage the process to meet your firm’s business requirements? For example, is there a particular way that you require securities to be set up?
  2. How does your service provider deliver to your team information about processed data or any other reconciliation and data issues? Daily communication should be the minimum. The flexibility to provide a variety of quality control (or price tolerance) reporting and communication depending on your firm’s needs is imperative. It also forms the building blocks of trust needed for a long-term partnership.
  3. How does your service provider manage the shared workflows? Through technology (not people), your provider should have a process to entitle designated individuals to make certain changes. There should also be enough transparency to ensure that your firm’s back office is not stepping on the toes of your outsourcing team and making the overall process less efficient.

When making a move to an outsourcing service model, certain workflows will inevitably shift from your back office to your outsourcing team – after all, that is the point. The key is to ensure that the provider you choose is flexible enough to define the appropriate boundaries and overall rules of engagement with co-sourcing workflows. As always, the best way for the provider to instill confidence in the process is transparency.  If you would like to learn more about our solution please visit Advent Outsourcing Services on 

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Posted in Traditional and Alternative Asset Management

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