With increasing regulatory obligations and potential for litigation aimed at the Financial Services industry over recent years, Master Data Management (MDM) has become a hot topic for most (if not all) firms in this sphere. Here we demonstrate our Qlik Sense driven solution to managing some of the most frequently encountered MDM issues.
The core principle of the MDM process concerns referencing source data against master records and resolving any exceptions. This can be achieved in numerous ways but one of the most exciting and innovative solutions involves the use of blockchain technology.
A private blockchain will improve data governance and create a fully transparent MDM workflow for all parties involved. The blockchain contains a set of pre-defined rules that act as the gatekeeper of data quality, regulating the way in which data is mapped to existing records, and governing the conditions that allow the creation of new records.
Our demo app is based on a Transactional FX Business and provides a method for appraising Master Data Management performance as well as a route to improving MDM processes. In this app, we focus on data steward performance from a product and client master data perspective.
Check out our demo video attached. If the situations described sound all too familiar, and you are looking for a rapidly deployable, versatile and effective solution to your MDM challenges, we would love to hear from you. Our website is pomerolpartners.com.