One way to address the aforementioned challenges is by maintaining of a golden copy of data. A “golden copy” refers to a master version of security and reference data acting as a single authoritative source of truth for all of the applications in the asset management IT landscape. Truth in the context of security and reference data refers to a single correct piece of information that can be universally utilized for various tasks. A solution that has native abilities to source, master and distribute the golden copy of security and reference data is known as a security and reference master.
In the absence of a golden copy management solution, manual updates will have to be duplicated across multiple systems, leading to a lack of standardization. The diagram below depicts a probable IT landscape of an asset manager where there is no golden copy management solution. The arrows portray the dataflow between various applications.
Using a golden copy management solution, like IVP Security & Reference Master, firms can:
- Simplify dataflows
- Reduce the duplication of data fetch
- Remove the need for duplication of manual updates
- Streamline security creation and update workflows
- Enable easier transmission of data to other systems
The importance of a golden copy of data needs no emphasis. In an industry marked with mounting regulatory and reporting pressures, creating and maintaining a golden copy of security and reference data will help to ensure future consistency and accuracy.
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