The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

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.”

Related content

WEBINAR

Recorded Webinar: How to run effective client onboarding and KYC processes

Increasing cost, complexity and regulatory change continue to challenge firms implementing client onboarding and Know Your Customer (KYC) systems. With an effective strategy and a clearly defined pathway, it’s possible to gain a valuable competitive advantage whilst meeting those all-important compliance requirements. But how to get there? With a myriad of different options out there...

BLOG

Covid Proof: The Future of Onboarding High-Net-Worth Clients

By Hugo Chamberlain, COO, smartKYC. The future of high-net-worth client onboarding has arrived – and it is one well suited for our post-COVID world. Automated and paperless, it enables wealth managers to accelerate acquisition, fully comply with the most stringent KYC regulations and deliver a frictionless start to the beginning of the client relationship. In...

EVENT

Data Management Summit London

The Data Management Summit Virtual explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...