Like everything else in DataView, we value full audit, as it will benefit not only our clients but their clients as well. We follow a strict routine, merging compliance and statements, to ensure data is accurate, presentable, timely, and traceable.
With our Data Services team, clients can rely on the extensive expertise we possess in financial data and our deep understanding of common upstream challenges. This assurance allows you to focus your invaluable time and resources on serving your clients, knowing with confidence that your data is meticulously validated and error-free.
Each Day
Every day we ingest hundreds of automated feeds from disparate local and international financial service providers into our data lineage fabric. We validate the data at source, and either reject, flag, or augment it. We then transform this source into our common DataView multi-asset format, Next, we apply our set of validation rules to the transformed data. If there are any issues with the source data we liaise with the provider to fix, re-issue, or override (never amending source, to keep audit) the data.
Each Month
Each month a month-end check is automatically performed to pick up any month-on-month and aggregation issues. If the client has chosen monthly statements (as opposed to quarterly) then we perform a “statement run”
Each Quarter
If the client has chosen quarterly statements then we perform a “statement run”
Statements
Periods
We can generate statements for any date range, but the common ones are
- Monthly
- Quarterly
- Year to Date (YTD)
- Financial Year to Date (FYTD)
- Inception to Date (ITD)
The format of the statement can be literally anything that can be created in HTML, and we have created some great custom templates for clients. We offer a range of table and graphs and placeholders for commentary, and have a number of out-the-box templates to get you started
For example,
Scope
Statements can be generated at the Portfolio Level, the Client level, or the Family level
The Statement Run
When a statement run is performed it will run a further set of validation rules (eg return spikes etc), and will “withhold” statements that it knows have issues, for further investigation by our Data Services Team. For the remaining items, we generate the statement PDF and submit it for approval by the Advisor:
Approvals
Each line item shows a summary of the
- opening, balance
- inflows
- outflows
- closing balance
- portfolio return
- fx effect
- total return
and has options to view and add notes, view the statement PDF, and dive into the numbers by using the return analysis and provider-specific return analysis functions.
If the Advisor is happy with the return he can approve it. Once approved the statement is available for the end client to view. Depending on the setup, the end client can sign in via web or mobile, or the statements can be sent automatically to the client.
Rejections
If the Advisor is unhappy with the return or feels there is an issue, they can reject it. If the advisor rejects the statement, they will be presented with a form to fill in as to the reason for the rejection. They must select the period(s) and provider(s) they are rejecting as well as the type of rejection eg:
In practice, there is usually a 1-2% error rate. This is largely caused by imperfect data being provided.