Securities and Derivatives| Trade Life Cycle| AML/KYC| Settlement & Reconciliation| Asset Management| Risk Management Amazon Development Centre India
Hey linkedln fam👋 Let us understand the concept of Reference Data Management. Have you ever thought how businesses keeps their accuracy and consistency in their data, here enters the RDM which ensures the data management and helps in decision making. What is RDM? RDM involves the management of transactional data used to categorize the transaction and provides analytical insights. It gathers wide range of data types such as security identifier, country codes etc. 🔎The process of RDM 1) Collection - Identify the types of reference data and gather reference data from internal and external sources. 2) Consolidation - The data is being consolidated and then and provide it into common model and compile it. 3) Cleansing - Here the data is being clean and the unnecessary data is being removed from the data set. 4) Coordination - Here the data is being manually check so as to avoid the exceptional error. 5) Distribution- At this stage the data is distributed internally and externally to the relevant concerned person. Examples - Security identifier It's the unique code which is assigned to the financial instrument such as stocks and bonds. For instance, ISIN (International security identification number) the ISIN for LIC is INE0J1Y01017 this is unique identifier code for securities worldwide which ensures efficient trading and reporting. RDM plays a major role in ensuring the security identifier and other reference data are accurate, consistent, and up to date which facilitates the operations and reducing risks. #Datamanagement #Refrencedata #RDM #Imarticus #investmentbank #bnymellon #jpmorgan
