Inter-dealer broker ICAP is set to deploy a range of governance tools from Oracle aimed at removing inefficient manual processes and providing more control over its master data.
The British firm, which provides financial clients with post-trade risk mitigation services, previously relied on legacy systems and processes, such as spreadsheet maintenance and frequent emails.
It is now using three Oracle platforms - Enterprise Data Governance, Data Relationship, Data Relationship Governance tools – which form part of the vendor's Enterprise Performance Management (Oracle EPM) portfolio. It is the first company in the UK to use the software, Oracle claimed.
The tools have allowed ICAP to handle master data faster, more effectively and more accurately, providing more consistent data to various parts of the company, such line of business and data stewards.
“Oracle Data Relationship Management, coupled with Oracle Data Relationship Governance, has given us effective and robust control over our financial master data,” said Viv Leese, chief financial officer, Global Business Services, ICAP.
“As a result, we have empowered master data owners with driving a controlled and automated process across our EPM applications.”
Leese added that the software has enabled ICAP to “control the release of master data changes from our development to our production environment”.
“We can test the impact of our master data changes on numbers in our preproduction environment to ensure the required effect,” Leese said.
“We can then release these changes using a controlled and automated process to our production environment.”