A US public sector pension fund faced significant quality and governance issues around its benchmark and index data. Turning to RIMES for help, the firm is now set on a course to data management excellence.
One of the US’ largest public pension providers realized that its data management approach was no longer fit-for-purpose. The challenges facing the fund largely stemmed from a lack of data centralization, visibility and governance. It sourced its benchmark and index data directly from a wide range of vendors, as well as from its custodian. Each index came with its own data formats and files; every one of which required standardization before use. In this data ‘Wild West’, there was no overall control or ownership of the data, nor clear processes for following up with providers over data quality issues.
By sourcing all its fixed income and equity data from RIMES, the pension fund will enjoy a wide range of transformational benefits. First, the fund’s data aggregation and standardization challenges will be taken care of before the data reaches its cloud platform. RIMES will manage the relationships with the fund’s index providers and will standardize and validate the data; providing it in customized feeds which have been quality-checked for timeliness, accuracy and validity.
RIMES MDS also helps the firm solve its data governance challenge. RIMES provides a single point from which the firm can review its benchmark and index licences, benchmarks history and delivery status. With RIMES, the fund will achieve a fully auditable data trail, giving it complete confidence that it is operating within the terms of its licences and agreements.