Data management has always been a key focus area for asset and wealth managers. Now that more detailed and granular analysis is required, it’s critical managers have the proper tools to manage the vast amounts of information needed to run their operations smoothly and efficiently.
Data includes not only transactions and positions, but also accounting data, market data, and increasingly detailed performance and risk analytics. Asset and wealth managers (particularly the latter, who often have tens of thousands or more client accounts), need efficient tools to manage this vast amount of data and provide more analytical output, preferably without a significant increase in costs.
The governance framework in Anova from SS&C solves this problem. It enables clients to manage significant volumes of data using a rules-based “exception management” process with associated workflows, automated notifications, and the ability to assign and track issues through to resolution.
Clients can use the out-of-the-box rules built within Anova (e.g. there are more than 20 built-in rules in the performance and attribution process alone) and/or configure customized rules to process the majority of clean data. They can then focus on the exceptions raised as data “fails” one of the built-in tests. Each exception raises a workflow that can be manually or automatically assigned to a user or group of users, who are alerted via email. The workflow then moves through various stages of analysis, fix, and reprocessing with a full audit trail of events and any notes added by users during these stages. Dedicated dashboards in the Anova web UI allow users to track the progress of tasks and workflows. They also offer higher-level summary views so managers can quickly ascertain the overall status of their teams’ operational processes.
Phase one of the data governance framework, “building the rules”, was released in Anova v5.1 in Q4 2015. Anova v6.0 (coming in Q2 2016) includes the new workflow and associated task management and alerts functionality and new dashboards for managing the overall processes.
Learn more about data governance and management by joining us for our webinar – “Data Governance for Performance Measurement” – on June 22, 2016. Click here to register.