Kingland Systems Delivers Risk and Compliance Solutions Based on Data Science

Blog entry

Kingland Systems is building out its portfolio of data management solutions with a data diagnostics service designed to help users improve entity data quality, the implementation of cognitive technology to ease the burden of data management, and plans for a platform that will support the lifecycle of data.

Kingland was founded in 1992 with a remit to provide large financial institutions, insurance and audit firms with software solutions powered by a sophisticated platform. Its focus is on data science for risk and compliance, and its sweet spot is entity data, which it started working on with audit firms in 2002. It has since extended its entity data expertise across the investment banking sector and built DTCC’s GMEI Legal Entity Identifier (LEI) utility, which it also runs on behalf of DTCC.

The company’s data diagnostics solution is geared to client, counterparty, legal entity, account and hierarchy data. It includes about 100 pre-configured diagnostics aligned to industry standards covering data elements such as completeness, consistency and conformity, as well as optimised legal entity matching and cognitive processing for duplication identification and classification.

The solution is cloud-based, allowing users to log in, load data, look for anomalies and quickly prioritise fixes. This allows data quality projects to be completed in weeks rather than the months taken using a legacy approach involving consultants, tools, configuration, reviews and plans. The cloud-based nature of the solution also allows delivery of data quality improvements at a lower cost than legacy approaches.

Tony Brownlee, partner and head of data science and research at Kingland, explains: “Our clients were spending a lot of time and money on data quality projects, so we developed a diagnostics solution that accelerates how fast they can assess and prioritise data quality improvements. We developed the solution by studying our data analysts, who have handled hundreds of millions of records over the past 15 years, and built their knowledge into the software.”

The solution is supported by Kingland data subject matter experts and can be integrated with the EDM Council’s Data Management Capability Assessment Model and the CMMI Institute’s Data Management Maturity Model. Client feedback will add new diagnostics and features to the software, while Kingland can step in to provide data cleansing services for clients with quality problems.

Addressing reference data management issues around corporate actions, Kingland has developed a legal entity corporate actions and alerts solution based on a cognitive engine internally called Eureka and built a few years ago. The engine continuously scans about 45,000 sources for events that could have an impact on entity data. Coverage includes familiar event types and more unique client-specific events, as well as future events and effective date management.

Rather than a reactive rolling review of corporate actions, the solution takes a proactive approach and provides data in a feed format that can be used to meet risk, regulatory and operational requirements.

Brownlee says: “We are developing an online user interface and interactive tools for the legal entity actions solution that will be available later this year. We will also make it part of our reference data as a service offer. Customers are very interested in the solution as one of the regulatory problems they face is how forward looking they should be in data processing. Our solution can help them with that.”

Looking forward, Kingland is developing an online platform that will support collaboration and provide a one-stop-shop for the data management lifecycle. Brownlee says new features will be added to the platform on a regular basis in response to client requirements and hopes that many features will be in place by the end of this year.

As well as these solutions and in line with its strategy of developing data science for risk and compliance, and its aim of delivering cheaper and more intelligent data services for clients, Kingland offers three groups of solutions. Short-term assessment and planning solutions support clients with programmes such as data quality assessment, master data architecture review and creation of a data strategy roadmap.

Accelerator solutions are designed to help clients manage data and meet regulatory, risk and operational requirements proactively, efficiently and cost effectively. These solutions include the data diagnostics mentioned above, as well as services such as regulatory data remediation, industry classification and data enrichment, hierarchy data cleansing and cognitive data processing automation.

The third solution group concentrates on turnkey solutions including the legal entity corporate actions and alerts service, a legal entity and hierarchy platform, reference data as a service and master data management applications.