London, UK, 30/06/20223d innovations (3di), a global data management consultancy has expanded its consultancy practice to add a pillar of formal legal expertise to support and manage its clients’ market data compliance and risk. Andrea Young, a qualified lawyer in both U.K. and U.S. jurisdictions, leads the practice having joined 3di in 2020. The practice sits within the firm’s data compliance and licensing unit headed by John Ikel, Director, Products and Services, and Rosalind Mason, Manager, Data Compliance and Licensing.
The increasingly complex and sophisticated layering of data vendor and fintech licensing, has resulted in an increasing focus on data governance and contractual compliance by consuming firms. Vendors understandably have been keen to protect both their Intellectual Property (IP) and revenue streams. As a result, audits and resulting fallout such as fines, penalties, service interruption or termination and onward punitive licensing has put vendors and consumers at odds, often on the legal interpretation of rights management clauses embedded within the licensing terms of contracts.
3di claims to be working increasingly within areas of data operations where regulatory changes, as well as proprietary contract challenges are changing the risk profile for financial institutions. These firms are looking for a better understanding and a strategic path forward for governing data and managing their third-party compliance and risk profile.
With over 15 years of experience, Andrea graduated from Oxford University and was called to the bar in both England and New York. Prior to 3di, she established and grew the former Attorney-General of Bermuda’s private practice law firm, founded a professional service consultancy in compliance, corporate administration, and legal services, and gained experience within a boutique fiduciary services and family office in Bermuda. Since joining 3di, she has spearheaded the legal aspects of the firm’s data consulting practice and grew the team, adding lawyers and legal experts, including Master of Laws post-graduate Emma Kerrigan. Furthermore, she has provided her clients with credible professionalism and legal know-how on how to take proactive steps in negotiating the best licensing outcome, often challenging some of the legal inconsistencies in data use constraints.
John White, CEO, 3d innovations, said, “Traditionally 3di has engaged with internal and external counsel to round off our data governance and compliance services for clients. However, there are drawbacks in terms of time and cost with distributed expertise. Our founder, a lawyer himself, has always been keen to build consultancy engagements that combine the necessary legal and enterprise market data expertise within the same professional profile. This offering is the result of the expertise that we have developed over the past two to three years.”