Using data mastering to prepare for a software change

The Situation

A Canadian Investment Management company needed to replace outdated legacy software that had become increasingly difficult to use. Before the firm could even begin the update, they first had to ensure that the information feeding into the upgraded system was organized and reliable. This would ensure employees would be able to use the new system to make critical decisions with confidence.

The Continuus Approach

The firm needed to be able to manage data coming from multiple vendors, including:

  • MSCI Security, Next Day, Index, Index Constituent, FX Rates, Regions, and Countries
  • FTSE/DEX Security, Index and Index Constituent
  • S&P Express Feed Ratings Security and Ratings
  • Moody’s Security and Ratings
  • DBRS Security and Ratings
  • S&P Security, Index and Index Constituent
  • TSX Security, Index and Index Constituent
  • Copp Clark Holiday Calendars
  • ISO Static Reference Data

With multiple overlapping sources of information, it was extremely important for Continuus to work with the firm to develop a way to master (organize and prioritize) the data so that the information coming from various sources did not create conflicting records. Using Markit EDM, Continuus developed a system to put the various sources of data into a hierarchy and conduct continuous quality checks.

Results

Thanks to the data governance and centralized repository for information, the firm is now able to move forward with the much-needed upgrade of its legacy software with confidence. The firm’s employees know the source of the data they are using and operational risk has been reduced thanks to Markit EDM’s data validation and reconciliation capabilities. Employees now know they can trust the data they are using to make important investment decisions and future data analysis will be much easier thanks to Markit EDM’s ability to streamline data operations at every level.