Imagine that a crucial trade pricing error wasn’t identified, or a corporate action event was accidentally duplicated leading to a mis-valuation, or that there has been significant turnover in the operations team due to increasingly high-risk workloads and job dissatisfaction. Data errors and human capital issues, such as these, can expose a firm to financial penalties, affect its reputation in the market and severely influence its ability to service clients.
The power of Advent Lumis™, as part of your Geneva® platform, empowers firms to circumvent these challenging scenarios. With Lumis, firms can identify trends and inefficiencies across their operational model, making it a crucial component within the solution suite to satisfy oversight requirements.
The scrutiny on data management and operational process across the financial services industry is at an all-time high and Lumis provides a centralized, automated exception management, data governance and operational workflow solution for Geneva users.
Earlier this month, we hosted a webinar to explain the benefits of Lumis, including a product demo to showcase its unique functionality and capabilities. In brief, Lumis enables firms to improve data quality, identify and resolve data issues pro-actively and helps reduce operational risks. If you are currently using manual processes and offline spreadsheets to validate your data, Lumis delivers efficiency gains by automating those checks and allows you to implement controls using customized rules, thresholds and tolerances to ensure data quality and compliance. Through Lumis, a firm can quickly identify the root cause, assign issues to staff members for resolution and establish three-way maker-checker workflow approvals. At the management level, Lumis provides greater transparency into data issues, resolution status and team performance.
Integrating seamlessly with Geneva, Lumis streamlines the entire data management process from acquisition to reporting. What’s more, it is backwards compatible with earlier versions of Geneva and can be upgraded independently of Geneva.
If your firm has ever experienced a drag on operational efficiency or jeopardized your client service level agreements due to data quality issues, contact us to receive a recording of the webinar or read the Advent Lumis product brief to learn more.