Creating a Markit EDM Support Team
An asset management firm had successfully implemented Markit EDM but had not put in place the capability to undertake the relevant maintenance on an on-going basis. As a result, the data management function were becoming increasingly dissatisfied with the timescales for routine changes.
The firm has a varied investment strategy investing in a range of products including a large number of OTC derivatives and outsources much of their fund administration to a third party service provider.
We assisted in developing an operating model that would allow for efficient maintenance at the same time as extensive project development. We defined the key elements of the operating model which included a business engagement model and service catalogue for Markit EDM. The service catalogue included change, release and source code management procedures and defined how the support and project teams would work successfully together. We outlined a sourcing strategy including role profiles for support team members and implemented the operating model for the team.
The End Result
Based on our conclusions, one of the key components implemented was a monthly release cycle for Markit EDM changes. This has provided a vehicle for the data management team to continually develop its Markit EDM platform and has dramatically increased the satisfaction of the business. We also provided mentoring to the client's developers to assist in increasing their Markit EDM knowledge.