At best, an erroneous data point might trigger a broken transaction. At worst, it could have much graver implications for the profitability of a business. To address those risks, firms need systems and processes to ensure data sources are properly validated. They need to ensure the enterprise collaborates in its goal of higher data quality. And that requires transparency. Data accuracy can be subjective. Different teams may price an instrument using different models or inputs. Simply knowing those differences can help reconcile any potential impasse.
Nowhere is the operational risk of data more prevalent than in the way firms use spreadsheets. Spreadsheets can be very difficult to control and lock down, making it easier for information to be lost, stolen or accidentally altered. Equally, they are often fed with un-validated data from a single source, and their output is often distributed without first being validated.
TimeScape EDM+ addresses those risks square on. For firms that want to continue using spreadsheets, but simply mitigate some of the risks involved, the platform provides an Excel API to ensure models are fed with validated data.
For those that want to reduce their reliance on spreadsheets altogether, TimeScape EDM+ comes equipped with SpreadSheet Inside (SSI). SSI allows customers to port spreadsheet calculations into a secure, audited environment, where both data inputs and model outputs can be run through proper validation checks. At the same time, SSI still maintains the flexibility and ease-of-use of a spreadsheet – ensuring the business remains agile.