Monitoring real-time data files improves operational efficiency

By: Joe Souza

Reliable data is the backbone of any financial institution. Critical business processes expect data feeds to be delivered on time and with clean data in order to avoid operational risks, like material misstatements of asset values, model errors, or incorrect calculations of credit exposure. Any of these events could occur if information is lost or delayed due to incoming data feeds not being monitored in real-time.

SS&C Evare reduces the risks of the aforementioned events happening. The service, based on direct feeds with hundreds of custodians and the SWIFT network, helps operations teams deliver accurate, quality data. SS&C recently announced an upgrade to the service, with a real-time web-based interface that allows operations teams to efficiently monitor incoming and outgoing data flows, like daily data transmissions. In addition, a recently released enhancement to the product supports access to documents such as letters of authorization, account reconciliation reports, and client-specific layouts and format artifacts.

This real-time dashboard comes at an important time for the industry. According to a survey from the Chartered Alternative Investment Analysts, 53% of the annualized loss amount due for the asset management units of global banks was due to process failures. Many internal processes can fail due to data feeds not delivered when expected or data arriving incomplete or corrupted. Poorly maintained or out-of-date counterparty data can result in the incorrect calculation of credit risk exposure and exceeding credit risk limits. The new dashboard functionality protects against such failures, providing proactive governance of file transmission and data flows.

Typically, when a firm outsources to a managed data service, there is no visibility on data feeds until status updates are received via email. With the latest offering from Evare, operations staff use a secured site to view the status of their data delivery in real-time. The real-time data dashboard offers a 24/7 view into the status of aggregated data, uncompromised data security via direct data links, and the elimination of daily email notifications for data transmissions—a major leap forward in the security of financial data transmission. 

The dashboard also incorporates leading industry security practices, such as direct data links, SSL encrypted communication, roles-based privileges, and local administration. To meet global security, confidentiality, privacy, and intrusion prevention guidelines, Evare also conforms to European Union data privacy guidelines.

SS&C Evare makes it easier and faster to securely obtain counterparty data, which eliminates operational and compliance risk. In a recent SS&C case study, the Evare service helped an investment manager achieve a 98% automation rate (up from just 25%), by replacing manual operational processes with consistent, secure data transmission links. With real-time views into aggregated financial data from custodians, financial institutions, and other third parties, investment firms can improve efficiency and contain operational risk better than they ever have before. For more information on SS&C’s Evare solution, download our brochure  or email us at solution@sscinc.com.