Three Questions to Ask Yourself About Your Markit EDM Exception Management Dashboard(s)

Every financial service firm knows that data quality is very important. We know your team works hard to ensure the data used by its front, middle, and back offices is trustworthy and validated. However, many firms struggle with managing data exceptions. If your firm can ask itself these three questions when implementing Markit EDM, it can ensure that your implementation is effective and well-matched to your firm’s exception management process.

  • What is our current exception management process? To ensure that the dashboard you’ll use for your next exception management process meets your needs, it is important to document your current workflow. After you document your current process, including who touches the data at each step and why, you can move on to the next questions.
  • What do we want our exception management process to be? Chances are, you will find some inefficiencies in your current process. Think about those workflows and how they can be improved. Document your ideal state for data typing, data quality, notifications, and resolution workflows.
  • How should your exception management dashboard deliver information to your team? It is much easier to customize Markit’s EDM software to meet the needs of your firm’s particular processes than it is to change your processes to meet the needs of the software. While the standard dashboards for data quality and exceptions management work well right out of the box, we’ve found that financial firms often struggle with the change management needed when their team is required to follow a new exception management process. In that case, customizing Markit’s dashboards, or combining them into a single custom dashboard, is often a much simpler solution.

The good news is that Markit’s software is easily customizable. We’ve found that by considering why your firm follows certain processes and working towards documenting and implementing ideal workflows, Markit EDM is an invaluable tool that can be easily customized to meet your firm’s needs.