FFMA turns to data management
- 02 August, 2010 13:06
Future Fund Management Agency (FFMA) is to implement a data management and reporting platform as part of its ongoing attempt to come to grips with its data management, reporting and integration challenges.
The agency, which manages the fund covering the cost of public sector superannuation liabilities, has this year already announced two projects aimed at addressing operational risk and compliance.
In January it turned to an electronic document and records management system to boost its knowledge management and compliance management capabilities. In March in began the move to an integrated operational risk and compliance management system.
The move to a data management and reporting platform will, according to the FFMA, facilitate more effective and efficient management of the agency’s structured data through its electronic capture, transformation and storage.
The platform will also see the creation and centralisation of data, rules and assumptions to ensure reporting and analysis consistency across the business.
Processing of portfolio and market related data will also be largely automated to ensure more consistent financial information and to free up FFMA staff.
According to the FFMA, one of the main challenges it faced was the management of data in a way that reduces operational risk while enhancing the efficiency and effectiveness of the agency.
“[The] FFMA has identified a number of IT strategic objectives to support its evolving needs relating to the management of enterprise data, integration of decision support systems and delivery of enhanced reporting capabilities,” documents on the project read.
“One of the primary focuses of these evolving needs is to continue to improve the support of FFMA’s investment team by providing them with the information, tools and capability to support the analysis of portfolios and the formulation of informed investment decisions.”