Recognos Financial, the premier provider of semantic data analysis for the financial services industry, today launched the Recognos Reference Data Center for Mutual Funds (RDC).
The RDC is an industry utility designed to provide participants and their clients with all the mutual fund information necessary to support their business from start to finish. It acts not only as a central repository for documents relating to all U.S. based open-ended mutual funds, but transforms the unstructured data in these documents into actionable and verifiable insight using Recognos Financials’ proprietary semantic technology.
"Two of the major benefits of the RDC are that it eliminates manual data entry and processing, and the source data comes directly from the SEC even before it is published to EDGAR, so users can be assured that the insight they are getting is accurate, up-to-date and actionable,” said Ira Cohen, EVP of Asset Management Services, Recognos Financial. “Not only does this help ensure compliance with the evolving regulatory landscape, but it provides a reliable and cost-effective source of critical mutual fund data that can be used across the business.”
In addition to helping users meet compliance obligations by providing access to more accurate information, the RDC provides instant verification of data points by highlighting their source within the body of the original documentation right within the portal. It enables mutual fund providers to extract competitive insights from the documentation, with users able to quickly and easily perform competitive analysis and take advantage of inbuilt competitor monitoring tools, and provides customizable alerts for amendments filed with the SEC.
The RDC utilizes a combination of machine learning, natural language processing and semantic technologies to aggregate and transform key data points automatically from mutual fund disclosure documentation, including prospectus summaries, shareholder reports and risk/return summaries. The resulting data and associated documents are then made available not only as text documents, but as customized data feeds direct to the data consumer.