A European pension manager with more than USD 70 billion in AUM had been using a vendor Enterprise Data Management (EDM) platform. The version that they had was to be retired in the near the future. Spurred on by this imminent system retirement, the client decided in was an opportune time to review not only their data infrastructure but also data practices to determine the right environment going forward and so enlisted Cutter Associates.
The pension manager recognized that their data environment needed to be improved and that simply replacing their existing EDM tool was not a full solution, so Cutter Associates was also asked to assist in developing a new target state for data management.
Cutter began by working with the pension manager’s IT and Data organization to review the existing data architecture. Interviews were conducted with a number of key stakeholders from across various departments in the firm, including front office, operations, compliance,
risk, trading, performance, and senior management to understand their data needs, pain points, and future requirements. Next, Cutter developed a current state assessment using inputs from our proprietary CutterBenchmarking data management survey. The results of this survey allowed the client to see how their data management practices compared to peers. The assessment was broken down using Cutter Associates’ four cornerstones of data management:
Cutter then developed a set of recommendations to transform both the organization of data management and some of the tools used within the firm. These recommendations ranged from instituting a data governance program, changing stewardship practices, developing a series of data marts for data access and delivery, as well as improved ways to use the new planned EDM tool.
In addition, Cutter helped the manager identify suitable systems and select a replacement EDM tool. We collected the firm requirements and developed a custom RFP and administered the RFP process.
Vendors were invited to demonstrate their products and Cutter provided demo agendas, coordination, and scoring tools. In addition to the client's assessment, Cutter provided their own evaluation of the vendors and worked with the client to select two finalists for a Proof of Concept.
Finally, Cutter assisted the firm through the Proof of Concept and drew up a plan for implementation of the new EDM system, taking into consideration other components in order to get to the desired target state.
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