This eBook focuses on what best practice looks like for enterprise data management (EDM) for investment managers, based on our experience working with some of Australia and New Zealand's leading funds. Essentially the goal is to implement a single source of truth – purpose-built and customisable, with extensive verification and data dissemination capabilities.
We’ve broken it down into 6 key areas:
1. Data collection
When importing and verifying your data, the EDM needs to be robust, and able to be customised according to your requirements. It's known as an ETL process (Extract, Transform, Load), and should ensure that each file is imported through a series of standardised steps.
2. Data management
This involves all the processes for reviewing and verifying data, including valuations, securities and transactions data. It should be a central feature of the EDM system you're considering. You should be able to review and verify data at a number of stages of the data workflow.
3. A standard data model
Although standardised, the data model should have the ability to be extended to tailor to client-specific needs. This is achieved by allowing for configuration and data-driven customisations to the Data Store component for each customer within a single version of the product, as a key design feature.
4. Data maintenance
As your business grows, you'll likely add more IT systems to handle increased demand. That's why it's essential that your EDM system can effectively manage hierarchical master and enterprise data. The ideal solution allows you to flexibly manage enterprise data, while ensuring data integrity and enterprise application alignment.
5. Data reporting
The system you put in place needs to enable coherent and consistent reading and reporting. It's not simply about how data is ingested, but importantly how users interact with data and therefore how they access the data. The backbone of an EDM's reporting system should include pre-defined reports.
6. IT architecture
More and more, we're seeing EDM systems moving to the cloud. An open architecture can integrate with leading portfolio management systems. So you're looking for what's termed a Platform-as-a-Service (PaaS), that can be deployed to other cloud infrastructure providers.