GoldenSource: Integrated Approach to Multi-Regulatory Compliance

John H. Eley, CEO, GoldenSourceJohn H. Eley, CEO
The current regulatory landscape challenges financial institutions to be more accountable for their data. Regulations such as Basel III, FRTB, MiFID II and GATCA have brought data management issues to the top of the agenda, not just for the IT departments but also for operations and boardrooms. With the data volume and the need for transparency on the rise, financial institutions require a 360 degree view of their data across processes—meaning that good data management is now critical. John H. Eley, CEO of GoldenSource, having over 20 years experience in capital markets and multiple financial technologies says, “A bank might want to comply with regulations to the letter of the law at the least cost. Another bank might want to use ‘regulatory change’ as the catalyst for improving overall operational efficiency and control. Both are valid approaches.”

GoldenSource is unique in its ability to power both financial institutions and shared utilities with an integrated Enterprise Data Management (EDM) platform that combines instrument, entity, and transaction data on a single platform and brings quality and transparency into the data supply chain. The GoldenSource EDM platform is a centralized and optimized strategic approach to data management that enables firms to improve data governance and meet risk and compliance demands.

“Our ability to carve out and shrink-wrap functionality from our modular platform ensures we are directly relevant to clients’ needs while also laying the foundation for a centralized capability,” asserts Eley. GoldenSource has the ability to accommodate the needs of both buy- and sell-side data management and can scale and perform as required. The firm’s new state-of-the-art tools cover all instruments and asset classes including equities, fixed income, structured products, funds and complex derivatives. In addition to market leading data visualization, queries and reports it gives data operations teams across the buy- and sell-side the power to configure validation and derivation rules and make screen and workflow modifications themselves, without IT intervention.

Our ability to carve out and shrink-wrap functionality from our modular platform ensures we are directly relevant to clients’ needs while also laying the foundation for a centralized capability

In one instance, the strategic vision for a North American bank with over 45,000 employees was to implement an enterprise-wide security mastering platform to overcome the limitations of older technologies, comply with current regulatory requirements, manage its various reference data feeds and ensure controls around data sourcing and distribution. By leveraging GoldenSource Security Master, a module within the GoldenSource EDM platform, the bank was able to integrate seamlessly with existing technology infrastructure by utilizing the current data vendor file management infrastructure, company standard scheduling utility, as well as with standard messaging middleware and file publishing infrastructure for data distribution—exceeding SLA requirements. In terms of financial impact, the bank saved on costs associated with building a temporary in-house solution and with a 12 week implementation timeline, it achieved mandated regulatory compliance, hence avoiding consequences of non-compliance.

Moreover, GoldenSource Connections, an extensive set of interfaces (APIs), allows vendor data feeds to be directly plugged into a bank’s data management platform. When the data vendors change the structure of their feeds, it’s normally a job for IT to re-map the system. With GoldenSource Connections, GoldenSource maintains the mappings whenever changes are made by the data vendors.

“We listen to our clients and watch the industry for the latest regulations or financial products that require mastering within banks and buy-side firms,” states Eley. Forging ahead, the firm is also planning to extend its range of cost-effective and secure ways to operate cloud services and continue reshaping its business model for benefiting financial firms in managing and consuming data.