Defining Data Excellence
Brandon Parks – 06/02/2022
Why is data so important? Without clean, timely data, an application cannot function as intended. An application with inaccurate data is like a Ferrari with square wheels. Regardless of a beautiful interior or powerful engine, the rest of the car is useless if the wheels do not roll. Although this sports car analogy is simple, it clearly demonstrates why data is significant in the wealth management industry.
The SS&C Black Diamond® Wealth Platform takes data very seriously. For this reason, the team created a Data Excellence team as our first product development theme, also referred to as DX. In addition, product leaders specifically tasked several workgroups to focus on the timeliness, accuracy, and integrity of our client’s data. Specifically, the groups focus on DX, Operations, Data Authorization, Infrastructure, and Compliance.
How does Black Diamond ensure our clients receive the highest quality data? The process begins when our first data provider sends raw files securely to Black Diamond at 1 am ET. Next, we process three million accounts through our propriety reconciliation engine by 8 am ET. Less than 1% of accounts occasionally fail our automated audit process. The accounts are then held out and looked at individually by a Black Diamond Operations team member when that occurs.
In addition to traditional data such as positions and transactions, we provide all aspects needed to create a client’s financial picture. For example, over the last year, we have integrated with internal and external companies such as SS&C Innovest to provide trust data and DPL Financial Partners to support the Advent Insurance Market. We also have an API available to our clients and integration partners looking to receive rich Black Diamond data. Lastly, we consistently look for new ways to assist our clients with non-traditional data and are currently in the works of storing and reporting on Environmental, Social, and Governance data (ESG).
However, simply storing data is not enough. Data also needs to be easily added and automated. When building new products, we emphasize scale and make sure that we include bulk tooling to support any new enhancement with an irregular input frequency. In addition to tooling and automation, we have an outstanding service model that delivers a custom experience for our users. Each Black Diamond client is partnered with a dedicated service team that ensures their experience, and their own client’s experience, is the best it can be. Our client service teams work closely with the data teams to help expedite and assist with all data needs. Data quality, scale, and timeliness are woven into everything we do so that our clients are worry-free and enjoy all the innovative functionality Black Diamond offers.
Request a personalized demo today to see firsthand how the Black Diamond Wealth Platform can support your firm’s data needs.