Streamlining Financial Data and Oversight Operations using ServiceNow
Overview.
A distinguished asset management firm catering to institutional and wholesale investors, embarked on a journey to elevate their Data and Oversight operations. Driven by a commitment to innovation and operational excellence, they recognized the need to address complexities within their enterprise data management, operational workflows, and reporting processes. This recognition led them to consider the implementation of ServiceNow as a transformative solution.
They experienced a range of challenges in their data and oversight operations:
Underutilized Solutions: The existing EDM solution was not fully leveraged, and the associated high licensing costs were a concern.
Integration Gaps: The in-house solution suffered from integration limitations, resulting in inefficiencies and delays.
Workflow Automation: The absence of workflow automation hindered operational efficiency.
Non-standardized Operations: The need for a centralized API driven data platform was paramount to streamline processes.
Solution.
Through a collaborative partnership between the client team and our ServiceNow experts, a comprehensive ServiceNow implementation was orchestrated, leveraging an array of features such as involving Integration Hub, Performance Analytics, Rest Integration, Workflow Automation, Mid Server and Service Catalog.
Enterprise Product Database: ServiceNow emerged as the centralized hub for managing the Enterprise Product Database (EPD), granting external user’s access to Share Class, Subfund, Fund, and Mandate data via APIs. ▪ Cross Reference Application:
The EDM solution was seamlessly replaced with a ServiceNow cross-reference application.
This transition empowered the Static Data team to directly oversee securities, brokers, funds, and related data, consolidating processes within a single platform.
Exception handling: We developed an API-driven solution for managing cross-reference exceptions. The system logged exceptions in a structured manner and provided a dynamic dashboard for the static team to resolve issues promptly.
Issuer Hierarchy: We designed a custom catalog item in ServiceNow, leveraging the Security Master API. This allowed users to easily retrieve current values and provide override values for issuer hierarchy data. The automation of this process reduced manual data entry and improved accuracy.
Decommissioned In-house Platform: A Service Oversight & Control Application was developed, automating the generation and distribution of critical reports such as Swing Check, Payment Process, and more. This system seamlessly integrated with cloud and performed calculations, significantly reducing the time spent on manual reporting tasks.
The impact.
Portfolio Rationalization Complex IT landscape was streamlined.
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