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| Taxonomy Data Support |
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Taxonomy Data Support
Challenges
- Disparity in the client hierarchy structure represented in multiple systems across locations
- Need to identify duplicates in the existing hierarchies and mitigate risk associated with duplicate credit lines
- Keeping database current and up-to-date with recent market events
Solution
- Perform reconciliation within the golden source of client database to identify duplicate account setups across systems
- Review of duplicate accounts to retain only genuine client account in the system
- In-house algorithms capable of identifying acronyms and short-hands to recognize potential duplicates within the static database
- Verify and update accuracy of information by searching online data sources such as SEC filings, EIN Finder, and Company websites
- Update systems and hierarchy structures based on recent corporate events
- Classify entities & cross reference IDs with parent / group names to ensure that hierarchies are adequately represented in all relevant systems
- Data crawlers and parsers implemented to extract data from external sources / alert emails in Outlook
Benefits
- Accurate counterparty hierarchy results in the reduction of counterparty risk
- Cleaner data leads to efficiency gains and creates resource capacity
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