Paris and London, 9 September 2008. Orchestra Networks, a leading provider of Master Data Management software, has announced major deployments of its EBX.Platform supporting strategic Data Governance initiatives in the banking and insurance sector.
When banking and insurance companies analyze their failed operational processes they find that the majority are attributable to inconsistent, inaccurate or out of date shared reference data. It highlights not only the impact to the bottom line but the inadequate operational risk mitigation, audit control & compliance reporting and also the inability to identify who would be best placed to remedy the failed process as little Data Governance had been applied.
“The provision of Data Governance across all applications for its management of master data is absolutely mandatory for any organization,” said Pierre Bonnet, consulting director at Orchestra Networks. “Our customers have come to understand that it is a prerequisite for their initiative of Basel II, Sarbanes Oxley, Solvency II, Product & Pricing or Third Parties & Channels management.”
Success of Master Data Management Software EBX.Platform in banking and insurance sectors is derived on its ability to manage the entire life cycle of all enterprise Master Data:
- Design of flexible data models, validation rules and integrity controls
- Full life cycle management through version control, branching, audit trail and validation workflow
- Role-based security and integration with enterprise security systems
- Web-based Data Governance tool designed for business users and data stewards
- Easy integration with data integration platforms such as ETL, EAI or ESB
Customers of Orchestra Networks deploy EBX.Platform in various Data Governance initiatives. Examples of which include:
Financial Risk Management – A leading retail bank unifies its operational credit risk in order to reduce exposure and meet regulatory deadline in 5 months. An on going benefit is the provision of a platform to manage the changes in regulatory compliance over time by providing the business the tools to take control of the entire process.
Financial Services Catalogue – A leading insurance company reduces time to market of new product lines from 3 months to 2 weeks and improves distribution channel satisfaction rates by actively sharing its product master data and providing a competitive advantage in the launching of new services to the market.
The realization of these projects in the short timeframes described is a major benefit of software solution EBX.Platform:
- Thanks to its rapid prototyping capabilities (data models, dynamic GUI & Data Services generation), EBX.Platform involves both business and technical teams in the design of a business data model
- EBX.Platform avoids costly in-house developments, by providing out of the box data management features such as version control, role-based security, data services or data governance tool
- Using EBX.Platform, companies can deploy their MDM incrementally with first projects being deployed in few months or weeks. Then the MDM can be extended to cover multiple business domains as needed
Orchestra Networks also launched earlier this year the MDM Alliance Group, an open community that rallies contributions and support from Systems Integrators and Consultants in sharing a set of procedures for modeling master data and conducting MDM projects. Available under open source licence, the MDM Modeling Procedure Guide is available at www.mdmalliancegroup.com.
About Orchestra Networks
Founded in 2000 and based in Paris and London, Orchestra Networks is a leading and independent software vendor supplying the first truly cross domain master data management software solution. Its EBX.Platform provides clients with the capability to take control of their master and reference data providing significant data governance capabilities. Orchestra Networks has been named “Cool Vendor in Master Data Management, 2008” by Gartner. For more information, email email@example.com or visit www.orchestranetworks.com.
Note: Orchestra Networks is a registered trademark of Orchestra Networks in France and in jurisdictions throughout the world. All other company and product names may be trade names or trademarks of their respective owners.