In today’s world, the marriage of Finance and Technology teams was inevitable. However, as in all relationships, it’s easy for small miscommunications between the two parties to cause big issues. I’ve seen many examples of this to varying degrees in my four short years in this industry. I couldn’t begin to count the number of times I’ve gone to our tech team with a request but it ends up requiring an iterative process whereby the tech team delivers what they thought I was requesting, only to have me clarify some point which requires them to make changes. An iterative process isn’t a bad thing – anything that gets us to our goal is a win. However, I’ve learned that with a little bit of extra time and effort in the beginning, there is a concrete way to make the process more efficient and painless for everyone involved. 

The tool that IMP has found to be invaluable for bridging the gap between Finance and Technology teams is a Data Dictionary. In a perfect world, you’d have a team with an in-depth knowledge of both the financial and technical side of things, but those people are rare gems. Data Dictionaries are the next best thing. A good Data Dictionary should hold information on all the important terms, tools, tables, security types, regulations, etc. that are important to a firm’s operations. Having all that information in one place makes it easy for someone to find relevant information they need to fulfill a request. We’ve found that the development process goes much more smoothly when the ability to access contextual information about a term, tool, or process is readily available. 

As an added bonus, Data Dictionaries are invaluable to people who are new to your firm. Even the most senior people will have questions when they make the move from one firm to another. The fact that a single term can have different nuances or definitions at different companies necessitates a good Data Dictionary that spells out exactly what a term means at your own firm. Data Dictionaries also help increase the efficiency of junior team members. Instead of having to ask a bunch of questions or dig through a shared drive or old emails, they can simply reference the Data Dictionary when they need more information. 

IMP’s CLEAR Compliance® has a Data Dictionary tool that we rely on heavily, and it has the benefit of linking dictionary entries directly to a business requirement. That way, anyone looking at that requirement can open the dictionary entry with one click and see more in-depth explanations. This has proven to be extremely useful, especially considering that each client we work with has their own processes, custom tools, and even definitions of industry terminology. To take it one step further, a client of ours could define a term differently depending on which of their clients it is applied to. The CLEAR Compliance® Data Dictionary allows us to define all those nuances for each client and link those entries to any relevant requirements, portfolios, and test cases.

So how do you build out a good Data Dictionary? It won’t happen overnight. Our team has found that the best process for building out a Data Dictionary starts with our questions. Any time we come across a term, tool, or process that is complex or difficult to understand, we input a placeholder entry into the Data Dictionary. We then have our subject matter experts go in and fill in what information they can. Any remaining client-specific questions then get sent to the client for clarification. This way, no single person has to shoulder the huge responsibility of creating a thorough Data Dictionary on their own.

The gap between Finance and Tech teams is not an insurmountable one. With some extra time and effort up front to build a Data Dictionary, firms can prevent a lot of waste and rework. This will not only increase the efficiency of the process, it will also facilitate the learning and growth of your team members. 

Why Are 25 State Attorney Generals Suing the DOL?

A recent U.S. Department of Labor (DOL) rule that went into effect is facing a legal challenge as attorney generals from 25 states argue that it violates Employee Retirement Income Security Act of 1974's (ERISA’s) mandate that asset managers serve as fiduciaries in managing retirement plan assets. 

The rising trend of ESG-focused investing has led to a large increase in funds being marketed as such. Upon closer inspection, however, many of these so called "ESG" funds prove not as friendly to the ESG cause as they claim. In recent years, a London-based climate change think tank, InfluenceMap, accused the majority of these funds of overstating their sustainability claims, a phenomenon known as "greenwashing." Even the former CIO for sustainable investing at BlackRock Inc., Tariq Fancy, stated that "sustainable investing boils down to little more than marketing hype, PR spin and disingenuous promises from the investment community (see here for more details).”

As newlyweds of three months, my husband and I couldn't be happier. We each got to marry our best friend, we get to see each other all the time, and we are even expecting our first child. But over these last couple of months, we've also learned firsthand that marriage certainly comes with a need for adaptation. Before we married, I was queen of my castle in my own apartment. The bed was always made, the kitchen was always clean, and the clothes were always folded neatly. I quickly realized that household perfection was no longer a guarantee when there was someone else sharing space with me (especially when that someone is not too bothered by disorganization). I know some couples turn to outsourcing—sending out laundry and hiring cleaning services. Others turn to technology, investing in robotic vacuum cleaners and mops to keep the floors clean. I tried a more simple approach--I suggested some process improvements. Let's make a deal: how about the last person out of bed makes the bed? If I cook, will you clean up? If you can simply separate your laundry out for me, I'll take responsibility of the folding. So far these minor process changes have been working for us and I'm pleased to report that our townhouse is tidy.