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VEReDATA™ is a web-based master data management (MDM) portal which provides a matching and validation capability to address a wide array of data cleansing, normalisation, integration and associated risk management challenges. The portal can interface to a wide array of internal and external sources, permitting not only the matching (using fuzzy or attribute matching) of an organisation’s own customer records, but also their validation against an external Golden Source in order to verify the hierarchical accuracy and completeness of all of the legal entities that make up each Corporate structure. Recognising that a degree of human determination and confirmation will be required to any matching process, Veredata has a powerful yet highly configurable workflow engine that can be tuned to any organisations unique procedural methodology.
VEReDATA™ has a powerful dashboard and reporting engine which not only aggregates “must know” information into a unified, holistic and consolidated enterprise view for senior management, but also provides drill-down capabilities so that any KPI, metric or item of data from this top level dashboard can be interrogated and validated in real-time. A definite “must have” capability when dealing with the current needs of Regulatory Reporting.
VEReDATA™ provides all of this capability in a “Business as Usual “ (BAU) environment, meaning that it can handle synchronous updates of internal and external sources, to ensure that all merger/demerger activity is accurately replicated at the earliest opportunity and the corresponding impacts to produce accurate and all important metrics such as Risk Weighted Asset (RWA), Credit Risk Rating (CRR), Value at Risk (VAR) etc.
Typical Challenges:
Multiple Data Sources
- Silo maintained/accessible
- Incompatible systems within independent legal entities
- No single “master” source of truth
Data quality problems
- No single view of the customer
- Inefficient tracking of corporate changes and impact on consolidation of risk exposures
- Inaccurate, incomplete & inconsistent
No reliable corporate structures
- i.e. Legal Entity groupings to Parent Group
Inability to track Corporate changes
- e.g. Mergers & Acquisitions or Divestitures
Inaccurate / Incomplete calculation of Risk Exposures
Inability to drill down through RWA calculations & submission to Regulator
VEReDATA Solution
Consolidated single repository
- Using existing / custom import modules
Automatic grouping of common entities
- Using advanced fuzzy logic algorithms
- Across tens of millions of customer records
Confirm Corporate Structures
- i.e. Fuzzy matching to “Golden Source” data
- Auto-incorporation of new customer records
Ability to track Corporate changes
- e.g. Mergers & Acquisitions or Divestitures
- Auto incorporation of new customer records
Accurate consolidation of Risk Exposures
- Accurate quantification of RWA
- Drill down capability to underlying sources
Reliable and certain Regulator Reporting
- Compliant and conformant risk reporting
- Management information to Board and Stakeholders
Multi Dimension in memory analysis & reporting
- Slice & dice data without limits
- Instant access to and analysis of enterprise data
Total Data Handling
- Corporate Structures and Grouping
- CRM
- Customer Accounts
Audit Trail
- Tool & data changes fully tracked with date/time/accountable stamp
Messaging & Collaboration
- Connecting people & facilitating information sharing
- Documents, Websites, Comments, Actions & Issues
High transparency of reporting
- Drill up and drill down through reporting lines & hierarchy
Embeds Workflow
- Assigns accountability and process to data transformation tasks delivered to owners via personalised dashboards
Data Model & Integration
VEReDATA is a flexible java and web based application built using a scalable architecture which manages a dynamic relational database and in-memory analysis capability.
VEReDATA can work with virtually any data source accepting data feeds from multiple formats to quickly and simply integrate with an array of in house systems.
VEReDATA has standard imports available for One Source, FTID, Bureau van Dijk and Reuters Thomson data sources.
Typical Results & Facts
The VEReDATA portal handles over 7 million records with over 20 million linkages.
It handles >30k page hits per day with an average response time of <1 sec
Typically an average Master Group Record (MGR), containing 100 Customer Accounts before Cleansing, an additional 60 are found during Cleansing.
Of those 100 Customer Accounts that were linked to the MGR before Cleansing, 10 of those Accounts were proven to be incorrectly linked.
This net outcome is a NET “Inaccuracy” of 50% (i.e. 60 in, 10 out – for every 100), whose impact to RWA, Capital Adequacy etc, gets ever more critical in cases where the Facility/Utilisation details are added.
Once the MGR is accurate it is critical to have a single customer view of all MGR Financial data to allow for analysis of aggregated and consolidated Group MGR analysis and reporting
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