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A-Team Insight Blogs

Princeton Financial Systems Launches New Compliance Focused Data Management Module

In line with the current trend towards new vendor launches around targeted data management solutions related to compliance and regulatory reporting, Princeton Financial Systems (PFS) has added a new compliance data checking module to its MIG21 solution. The new module, MIG21 Data Manager, is aimed at reducing data related errors before the compliance checking process, explains Hubert Gries, product manager for compliance and order management at the investment accounting, investment compliance, data management, performance measurement and reporting solution vendor.

“Many compliance officers struggle with data related compliance errors: the back office system may not deliver all data needed for the compliance check, certain master data such as issuer information are either missing or incorrect or market data might not be current,” explains Gries.

The new MIG21 Data Manager is therefore targeted at meeting these needs. “It is the first data solution that facilitates and accelerates data management in the compliance system to avoid errors during the check run,” he claims. “Together with MIG21, the solution caters perfectly to the growing demand in the market for a secure, future proof and user friendly solution to efficiently manage any kind of compliance information.”

To this end, the solution provides data editing and maintenance functionalities aimed at improving data quality and helping to minimise data related compliance errors. According to the vendor, MIG21 Data Manager enables users to centrally maintain and add missing or incorrect compliance data such as fund or asset information, ratings as well as issuers and to configure new structured products or other asset classes. MIG21 Data Manager therefore aims to minimise the time lag between data changes, their correction in the back office system and subsequent upload into the compliance server. In combination with the Bloomberg Data Feed Connector Bloomberg data can be automatically imported to keep market data updated, claims Gries.

The module also includes data override capabilities aimed at ensuring that any automatically imported data overwrites manual data changes only according to pre-set rules. A maker/checker principle together with a full audit trail for all manual data changes ensures maximum data security of PFS’ new MIG21 data management solution, says the vendor, which is a subsidiary of State Street. The module also provides statistics for data imports and has been designed to work with version 6.1 and above of the MIG21 solution.

Earlier this year, PFS launched a software as a service (SaaS) version of the MIG21 solution in order to provide clients with a quicker return on investment. eMIG21 is aimed at organisations that prefer not to set up or maintain an in-house compliance infrastructure and provides them with investment compliance at a lower entry cost and at zero infrastructure cost, according to the vendor.

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