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A-Team Insight Blogs

State of Wisconsin Investment Board Details its Implementation of Markit EDM

The State of Wisconsin Investment Board (SWIB) plans to make Markit’s enterprise data management (EDM) solution the centrepiece of its new MIDaS data architecture. The architecture requires Markit EDM to support data distribution, quality control and mastering, and is designed to improve processes including the delivery of external data to SWIB and the internal integration of data across systems.

The $104 billion investment fund selected Markit EDM as a central hub for investment data and reconciliations after a strategic review of its systems infrastructure and a competitive evaluation that considered the potential of both general data management tools and solutions focused on the investment management industry.

Erich Huemoeller, IT director at SWIB, explains: “For many years, SWIB IT has been building bespoke solutions that integrate and manage data for each system that is brought into the business. In recent years, the acknowledgment of data as an asset has increased the focus within SWIB on managing data flows and, more importantly, the data. This means building a common infrastructure, selecting the right tools, and creating best practices and governance to ensure the data is managed in a way that enables business objectives to be met.”

On the selection of Markit EDM, he adds: “Markit EDM’s ease of use, targeted functionality and industry focus presented a comprehensive solution that would meet SWIB’s needs more efficiently than other tools in this space.”

The organisation has completed the first phase of its roll out of Markit EDM, which it achieved in 12 weeks, and is preparing a second phase that will include more complex data reconciliations, data mastering and quality metrics. Ultimately, with Markit EDM in place, SWIB expects to be able to onboard data sources more quickly, ensure a higher level of data quality, provide easier access to data, and provide the SWIB Data Governance Council with better information on which to make decisions about how the organisation should manage data.

From Markit’s perspective, Spiros Giannaros, managing director and global head of data management, says: “This is a significant win for Markit as SWIB is one of the most progressive state pension funds. SWIB has taken a long-term strategic look at how to meet its data requirements and Markit is well positioned to help it meet its needs now and into the future.”

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