Data is essential to the success of any financial institution, not only from an operational standpoint but also when making key business and investment decisions. The rising popularity of algorithmic trading, machine learning, and artificial intelligence in recent years has further fuelled its power. However, with this power comes a great responsibility for firms to protect, control and maintain their data with proper data governance.
Understanding the Need for Data Governance
How much control does one really have over their data? And how can someone be sure that the data compiled and used across their business is accurate and produced in a timely fashion to support both short and long-term strategic decisions? Data is critical but not useful unless you are able to derive actionable information from it. If the raw data itself is not accurate, then asset managers will never be able to rely on it to make informed decisions. In the asset management industry, large fund managers interact with around 50 to 100 delegates, meaning that data is received from a large number of sources in numerous different ways and at varying times. Oftentimes, this data comes in non-standardized formats with no way of easily verifying its accuracy.
How an Enterprise Data Management Solution Can Help
A lot is expected out of data. From a risk management perspective, asset managers should be able to rely on their data to ensure they are making investments according to a set strategy and that the direction they’re headed in is in line with their goals. With this, data needs to be moved beyond antiquated silos. Combining it with a suite of data governance features will help maximize its advantages for use across a range of regulatory, risk and analytic functions.
The key to ensuring both the accuracy and precision of data is through proper data governance. IVP’s Enterprise Data Management (EDM) solution provides users with a built-in data governance module, ensuring that the final data available for all downstream systems and reporting is accurate and error-free. It has features like data quality management, exception management, workflows on exception, data correction and data stewardship, all of which empower asset managers to create the right reports at the right time and make informed, strategic decisions.
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