GoldenSource has pulled together components of its enterprise data management (EDM) product set to deliver a single, centralised entity master. The entity data solution is part of GoldenSource EDM Version 8.5 and combines technologies already on the EDM platform with a new presentation layer, additional feed handlers and rules and workflows for entity data management.
GoldenSource says some of its customers have created their own entity masters using components in previous releases of the EDM platform, but it has now packaged and augmented the components to deliver a plug-and-play entity data management solution that is Legal Entity Identifier (LEI) ready and can support entity hierarchies. GoldenSource EDM Version 8.5, including the entity data repository and management tools, was released on June 30, 2014 and can be deployed on premise, or provided via the company’s OnDemand managed service.
Neill Vanlint, global managing direct at GoldenSource, says: “Many institutions keep entity data in different places and use different identifiers for it. The arrival of the LEI is forcing a change to how entities are identified and allows organisations to better understand counterparty exposure. Rather than digging up the road to fix entity data in several places, we can offer a single entity data master that can stand alone as part of a firm’s infrastructure and link to other parts of the infrastructure that need entity data. Over time, it will be possible to build a superset of entity data and include hierarchy data that can be managed once rather than several times.”
While drivers behind a centralised entity data repository include cost savings, improved efficiency, data standardisation and better data quality, Vanlint says one knock-on effect of client on-boarding requirements is business and regulatory pressure to move to centralised entity data management, an end result that is further supported by data vendors delivering a growing number of entity data products.