Best Data Governance Solution: State Street Global Exchange

Financial institutions face a multitude of data-related challenges involving quality, accessibility and security. These can have serious effects on virtually all aspects of a business. With a growing need for data governance—the management of the availability, usability, integrity and security of data employed in an organization—many companies view the process of implementing such a program internally as a large-scale undertaking. 

The winner of the Best Data Governance Solution award—State Street Global Exchange—offers a solution ahead of the curve when it comes to providing effective data management and governance: DataGX. With DataGX, the company offers a secure, scalable, private cloud-based Data-as-a-Service platform that encompasses data governance, quality and security. 

“Successfully applying effective data governance has become increasingly challenging in a world where data and multi-asset class investment management strategies are growing. Financial institutions need to invest in their platforms, operations and governance process, but this is a struggle because of the amount of investment that is needed at that scale,” says Subbiah Subramanian, global head of DataGX. “State Street has that scale, providing data management and governance capabilities across dozens of clients globally.”

DataGX manages clients’ data from any service provider, vendor or client platform to create a holistic and integrated view of holdings, cash, security master, performance measurement, risk and other critical information. Through its Operational Control Framework for end-to-end data quality management, the system performs preventive checks to interrupt processing when key issues are identified; detective checks to alert State Street’s operations team of potential concerns; and intraday checks, which monitor and provide insight into the overall health of a client’s data. 

Central to good data governance is visibility into the provenance and lineage of data, and DataGX features extensive data lineage capabilities, allowing clients to track where data came from and where it is delivered. The control framework and data lineage capabilities are supported by constant monitoring and maintenance by the DataGX team.

Last year, the company launched DataGX Direct, which provides clients access to their data in a database that sits within State Street but outside its firewalls. “We do the heavy lifting of data management within State Street, but if clients have to take that data and load it into their own data management platform, they are essentially creating a copy. With DataGX Direct, all the data is validated and we push that information to a normalized database that becomes the client’s warehouse,” says Subramanian. He says State Street will continue to evolve DataGX’s functionality, for example, by enhancing its automated data validation tools and the engines that take in multiple sources of securities. 

Read more about the Inside Market Data & Inside Reference Data Awards 2019 winners