Source: London Market Group
LONDON 22nd January, 2024 – The London Market Group’s (LMG) Data Council today announces the creation of a Core Data Record (CDR) committee chaired by Cassandra Vukorep, Chief Data Officer at Lloyd’s and supported by LIMOSS. It will include representation from the IUA, LIIBA, LMA, Lloyd’s, ACORD and Velonetic.
The CDR committee joins the existing Market Reform Contract (MRC) committee chaired by James Livett, Associate Director at LIIBA which has been substantially updated following the release of MRCv3.
The CDR is a key component of the market digitalisation and will provide a set of standardised, quality transactional data that empowers downstream processing. However, by the nature of its contents, the CDR will continue to evolve; for example to accommodate changes in tax and regulatory requirements, so having a process for review and robust governance is essential.
Sheila Cameron, Chair of the Data Council and CEO of the Lloyd’s Market Association commented, “The publication of the CDR v3.2 last year marked a significant step in our journey towards embedding data standards and improving data quality across the London market. The CDR committee will ensure that it remains fit for purpose for all London market participants. We are delighted that Cassandra has agreed to chair the committee and help transition the CDR to a ‘business as usual’ state.
“MRCv3 represents a major step forward in the structure of the document and the alignment between the it and CDR will be crucial. We are delighted that James will continue chairing the MRC committee ensuring that it meets the needs of the London Market.”
Going forwards all proposed changes to the CDR and MRC will be routed through LIMOSS who will manage them under the guidance of these committees. In the coming months, LIMOSS will be sharing how they will work with the market to receive questions, queries and proposed amendments.