Complete, accurate and up-to-date investment product (strategy) and account (portfolio) data is essential for the proper operation of buy-side firms. However, many firms lack a central master for this information and still rely on email and spreadsheets to launch new products and manage existing ones.
The lack of a central source of the truth and integrated set-up/maintenance workflow processes creates several inefficiencies for firms looking to remain competitive in today’s marketplace. The issues caused include significant disconnects between systems and data users; lack of transparency in relation to new product set-up; and lack of accountability for key data sets.
EDM from S&P Global addresses these challenges with its product and account master solution. The solution has been designed based on commonalities gleaned from EDM client implementations as part of an iterative process and delivered back as a reusable template.
EDM’s flexible data schema allows firms to expand the template through configuration (rather than customization) to meet the unique needs of the firm. For example, firms can easily maintain different hierarchies for individual regions, teams and business lines while managing the complexity of a multi-team workflow that is unique to the firm.
EDM’s product and account master streamlines the creation and maintenance of products. It delivers complete and accurate data for sales and marketing collateral and automates the distribution of a single version of the truth to downstream systems.
Flexible UI workflows give users control of the process of creating and managing products and accounts. The workflows include manageable entitlements functionality, which allows users to control who is involved in setting up and editing the details of each product/account, as well as four-eyes approval.
EDM gives users the ability to link related data to products and accounts, and to display it through the web UI. The product and account master solution can also be linked to EDM’s index, position, party and security master solutions (or to an organization’s existing implementation).
Auditability, data lineage and history
Users benefit from the ability to track data back to its raw source format and access a complete audit trail of any dimensional changes. This transparency includes visibility of historical changes along with the effective date(s) of those changes.
Consolidation and integration
EDM centralizes data and processes, reducing reliance on spreadsheets and other manual work. The EDM product and account master ensures fully cleansed, authoritative data is being distributed downstream to support reporting, collateral and other mission-critical applications.
Exception management and data quality
EDM provides exception management workflows which surface data quality issues and allow the end-user to resolve the exceptions. Trend analysis can also be performed on the platform to track data quality over time.