Building a Central Data Repository
Many Alacra clients are building a central repository of data to store a golden source of clean, de-duped and cross-referenced data powering multiple departments across the organization and solving multiple regulatory, compliance and business needs.
Built upon 18 years of experiences and business rules, Alacra can provide concordance across the most extensive range of internal and external data sources.
US regional bank reduces data silos through single legal entity file
A US regional bank had over 200 wholesale customer systems to maintain and keep synchronized. Data from these systems enriched the Salesforce CRM platform, satisfied multi-jurisdiction regulatory reporting requirements and underpinned the KYC onboarding process.
Due to data inconsistencies and limited cross-referencing, account managers were frustrated by limited (and often incorrect) data with which to pitch new prospects. Risk managers were unable to roll up risks to the entity level.
Each week, the bank sends Alacra a file of over 300,000 entities. Alacra concords the bank’s universe of entities across 14 different sources including data vendors, company filings and credit rating agencies.
The single file generated from this process is accessed throughout the bank, covering 20-30 distinct groups and over 15,000 end-users.
Leading European investment bank builds enterprise hub
A leading European investment bank was building an enterprise hub for all entities of interest to the firm. These entities included both clients and prospects and the data they wanted to include in the hub was sourced from seven different major data vendors – which were often in conflict. They also wanted industry standard identifiers such as the LEI, BIC and GIIN.
Due to stringent data privacy standards, none of the client data was permitted to leave the firm so the client could not send Alacra a file of all the entities it wanted tracked.
Alacra created an extensive stand-alone Legal Entity Directory providing a de-duped superset file of over 4.3 million legal entity records across the seven data vendors. Each day Alacra reviewed and processed all the incoming updates and changes from each vendor to provide a clean, de-duped and updated file. The firm performed its own mapping from client ids to the Alacra id for each entity.
Seven sources of external data feeds are aggregated into a legal entity master database covering 4.3 million legal entities. Each entity is de-duped, cross-referenced and mapped to industry standard identifiers such as the LEI, BIC and GIIN. None of the client data needed to leave the firm during the process.
Institutional Broker-Dealer develops central client data repository
A European-based, global institutional broker-dealer was developing a central client data repository in order to support two high priority drivers:
- Commercial: Improve cross-selling opportunities with existing clients by understanding existing client relationships and services
- Regulatory: Meet regulatory reporting requirements by creating a single aggregated view of risk exposure to each client across all business lines
They needed to cross map information from over 100 data silos covering around 50,000 unique entities (including branches of banks). This information needed to be verified and validated against external data vendors and had to be mapped and maintained at a legal entity level.
The client wanted a fast turn-around as well as the ability to continue to manage their cleansing and appending. It was also very important to be able to keep all their data behind their firewall.
The client selected Alacra after conducting a competitive RFP with leading data vendors and primary research organizations.
Alacra provides the Alacra Authority File (AAF) to the client. The AAF is a daily file maintained and published by Alacra that lists all the rated, regulated and listed legal entities globally.
Data from 100 different silos are migrated and cleansed in central Global Common Database. The client uses Alacra as the external source to verify and clean its data.