Data Management

Today, financial institutions are confronted by more assertive and aggressive regulators as well as wider and more intrusive rules. Banks, insurance companies, fund managers and other financial firms face tough and challenging times. Both the volume and complexity of reporting that organisations are required to complete is increasing. All of this leads to added pressure for firms to reconcile the data needed to ensure perfect alignment between finance and risk reporting, both for internal use and externally for regulators. Failing to do this will expose organisations to reputational damage, regulatory sanctions and in some cases financial penalties.

There are a number of key challenges involved in data management including:

  • Creating golden record source;
  • Ability to source large data volumes in a timely manner;
  • Data governance;
  • Ability to aggregate data across disparate systems; and
  • Transparency and control;
  • Generating insights into data on a continuous basis.

Customised bespoke solutions to each financial and regulatory reporting demand or requirement have led financial institutions to create a proliferation of systems, processes and manual workarounds which are expensive, labourintensive, and frequently suffer from data inaccuracies.

By establishing a consistent source of data and increasing transparency in the reporting process, financial institutions have the opportunity to improve data quality, internal and external reporting and their ability to efficiently meet regulatory demands.
AutoRek provides at its core, a powerful data management platform supporting the data collection, consolidation, validation and submission required for compliance with reporting regulations and directives.

AutoRek provides at its core, a powerful data management platform supporting the data collection, consolidation, validation and submission required for compliance with reporting regulations and directives.

Underpinning each of these is a requirement to ensure that best practice security principals are applied and that data consumers only have access to the records and fields which they require.

Creating a “golden source” record is a critical requirement for customers. In environments where organisations are dealing with legacy platforms or growing organically through mergers and acquisitions, this becomes ever more challenging due to disparate sources of data and multiple versions of the same customer information.

Creating a golden record consists of a number of key steps including:

 • Amalgamating and consolidating data from disparate data sources;
 • Using business rules to enrich primary records with additional data sources;
 • Running configurable data validation rules to guarantee data quality and integrity;
 • Deduplicating data;
 • Use of workflow to validate/approve data values.

AutoRek provides a robust platform to support comprehensive data management.

Decoupling data definitions held in AutoRek (sources) from the underlying data feeds, allows multiple disparate sources of data to be mapped into a single source of information.

Using AutoRek’s VanguARd engine, paper based or unstructured data sources can also be included by utilising AutoRek’s OCR capability and its intelligent data processing component SCOUT – the latter interprets data read from documents and maps to data sources within AutoRek.

From a golden record perspective, specific attributes are taken from different sources of information. As part of the loading interface, AutoRek creates calculated values, lookups to secondary data sources and validation rules to be executed. Data validation rules are extended within AutoRek to include field level validation logic and also enables individual records to be routed for correction in the event of errors – linking with AutoRek’s built in workflow system, users are alerted to data issues and enables these to be corrected whilst allowing valid data to be processed.

Aligning AutoRek’s internal performance capacity, with dynamic cloud scaling options, provides clients with the confidence that AutoRek’s data management platform is scalable to support large data volumes.
The next key challenge is enabling end users to access data in order to generate appropriate insights. Given the data rich environments in which we all now operate, the ability to generate actionable insights from the data that we hold is a differentiator in enabling organisations to maximise their market opportunities. Automating the process of creating regulatory reports frees up business critical resources from the manual activities in sourcing required data, fixing issues and then creating the reports. These key users are now focused on higher value functions and proactively manage exception situations in advance of reporting requirements. By analysing their data, clients identify trends and patterns of behaviour. Clients use predictive analytic tools to predict future behaviour, together with proactively looking to resolve issues before they arise.

AutoRek’s rules based platform allows users to aggregate and perform calculations on data held in the system. Users can create custom reports and views of data enabling adhoc analysis as required. AutoRek’s user interface, enables users to create custom dashboards which present the relevant information to their teams enabling actionable insights. Underpinning all of this are the performance capabilities of the platform, enabling large volumes of data to be actioned and reported against, as well as the fine grained security model which ensures that users only see information to which they have been granted access.

Leveraging AutoRek’s capabilities, alongside providing a core reconciliation platform, enables integration with regulatory reporting formats as required for regulations such as CASS, MiFID II and EMIR.

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