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A-Team Insight Blogs

Mizuho International’s Implementation of GoldenSource EDM Reduces Operational Risk and Improves Data Quality

Mizuho International has reduced operational risk, improved data quality and cut down the time it takes to onboard clients by replacing legacy systems and manual processes with an enterprise data management (EDM) solution from GoldenSource.

The London-based securities and investment banking arm of Mizuho Securities, part of the Mizuho Financial Group, selected GoldenSource EDM in December 2013 after deciding that the pressure of meeting regulatory requirements was too big to manage using legacy systems and manual processes. The solution went live late last year after a 10-month project that implemented GoldenSource as a centralised entity master to support client and counterparty management across the company’s trading, risk and compliance functions.

As well as helping the company reduce client onboarding time and operational risk, and improve data quality, the GoldenSource platform provides a base for business growth, improved data governance and regulatory compliance. Kevin Gage, chief information officer at Mizuho International, explains: “GoldenSource is being used by a broad spectrum of over 140 users, ranging from front office traders and directors to risk and compliance teams. Operational processing and interaction between different areas of the business has become far more streamlined, improving the business user experience. Further, the transition to a central hub for all legal entity data, is helping to improve our data governance framework as well as facilitate compliance with existing and emerging regulatory requirements.”

With the GoldenSource platform up and running across the business, Mizuho intends to continue to develop its capabilities and add new datasets. The platform is also expected to support the company’s compliance with the data management requirements of the Basel Committee regulation BCBS 239.

For GoldenSource, Mizuho International adds to other London-based clients using the company’s EDM software for entity data management. Stephen Engdahl, senior vice president of product strategy at GoldenSource, comments: “We all talk a lot about regulation, the legal entity identifier and so on, but here is a financial institution that has successfully implemented a solution that will provide great benefits including support for regulatory compliance, increased data accuracy and reduced operational costs.”

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