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CreditDimensions Migration ProjectCreditDimensions(CDI) application has now been running in client's production environment for over 2 months successfully, instilling the client with confidence in declaring the migration project a success. The client very forthrightly accepts that this was an arduous project that took much longer than anticipated due to the many unforeseen difficulties in getting a vendor application to be compliant with client's Data Center and standards. But they are glad with the final choice they made by choosing CDI as the vendor. The CreditDimensions application provides client with the mapping of external obligor IDs to the firm's internal ID. This link is crucial for Basel II because it allows external ratings to be attached to obligors and used in Basel II calculations. According to client representative "Vendor CDI has provided quality mappings to client for several years but their application needed to be moved in house to avoid conflict with market data vendor contracts. Commendations have to go out to the vendor team, Gaurav Malik, Ankur Mehta and their directs, for the perseverance that was required to bring this project across the finish line. Congratulations and my thanks to all of you for your fine work on this project, which has resulted, in the end, in a very stable and reliable application." Basel II regulatory requirements brought forth a requirement from the client to map External Rating Agency Identifiers to the client's internal identifier. The mapping of client's id to External Identifier allows for aggregation of External Rating information at an Obligor or Issuer level. This mapping of external to internal identifier needed to be made more robust. Basel II requires the use of external risk ratings in risk-weighted calculations, thereby creating the need for an efficient mapping of external-to-internal identifier ID. CDI, was already providing reference data reconciliation and cross-referencing services to the client using its proprietary data management software license and tools, which were hosted in the CDI data centre and were securely accessible to onshore and offshore project teams round the clock. The current process was maintained outside client's infrastructure, which brought forward issues of business & operational risks. The migration project for client set out to host the said software and tools internally within the client's own infrastructure and to provide secured access to the project team through VPN connectivity and single sign on. The main benefit is that the customer identifier mapping process will be supported by client's infrastructure. The project migrated the existing mapping application CreditDimensions, from an offshore vendor server to an in house server, to make the application 'hands off' by automating processes that were initiated manually. As CDI is automated and moved in house, CDI offshore analysts continue to access the application in order to review the mapping of external Ids to client's id, and the resulting cross-reference continues to be fed to various client departments. |
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