Best Practices

Information Technology

Syndicators are huge consumers and producers of data, and they rely on integrated, well functioning information management systems to conduct their business. Clearly the size of invested portfolios and staff impact the scope of data technology systems, but it is unlikely that Asset Management can be productive without an adequate database and local area network, as well as speedy internet access. Industry resources to manage information needs vary from simple proprietary systems to complex third party administered ones. Reporting by lower tier relationships and dissemination of upper tier results may be web-based and heavily automated.

A trend to paperless reporting continues, even as a partial guiding principle. The cost for ongoing upgrades to Asset Management systems should be factored into any long-term budgets by syndicators. Other syndicators, especially NASLEF affiliates, can provide recommendations and referrals, as well as share internal forms and protocols. Information technology serves as a tool to provide key information. IT systems must incorporate procedures for utilizing this data in support of the deliverables outlined in this document.