Despite the merits of efficient data management in reducing operational and other risks, financial firms will only modestly increase their expenditures on data management projects to $1.43 billion in 2014 from an estimated $1.2 billion this year, according to a report issued on Monday by research firm Aite Group in Boston.

Driving the increase in spending on data management projects, Aite Group said, will be the need to improve exception-based workflows; reduce the costs of acquiring data from external vendors; support new regulatory or compliance systems; improve communications with clients and counterparties; and improve liquidity management.

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