Process keys – an improvement over source monitoring in Markit EDM
Using source monitoring to process delta records has historically been one way firms using Markit EDM were able to improve performance. Unfortunately, the source monitoring process was often challenging to configure and implement. Users complained that the process was confusing to configure, and since there was little visibility into how the process worked, issues were extremely challenging to diagnose and fix. Often, by the time we were called to diagnose and fix the problem, the data was out of date. We found many clients who relied heavily on source monitoring were losing trust in the process over time, and eventually would stop using it.
Fortunately, Markit EDM 10.2 has introduced a new way of processing delta records. Process keys offer complete transparency into the design of the steps used in records processing in the data constructor, data inspector, and data matcher components. This makes it easier to understand what is happening to the records or to diagnose and repair problems.
If your firm is using source monitoring, we highly recommend implementing process keys. Fortunately, it is possible to use both source monitoring and process keys concurrently, so the changeover between the two processes is relatively painless. Unlike source monitoring, process keys require a manual build-out. Therefore, we recommend starting with smaller, simpler processes that are less critical and easier to understand. We also recommend working alongside one of our Markit EDM experts to be sure you avoid common pitfalls with implementing process keys. We have found that most clients are able to implement process keys on their own after the benefit of a little coaching from one of our Markit EDM consultants.
Minutes and seconds matter when processing financial data. Using process keys will help your firm benefit from trustworthy, accurate, and timely data even if the volume of data processed by your firm increases.