FROM: Don Pierce, Chief Investment Officer
SUBJECT: Informational: Cordatius Records Management Project Update
RECOMMENDATION:
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Investment Records Management Project Update.
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BACKGROUND:
The Board approved an update to the triennial strategic plan that identified an investment document integration portal as a strategic priority with the goal of automating the transfer and storage of key documents for compliance documents, investment proposals, performance reports, capital statements, and other important correspondence. As part of that initiative, the investment department began exploring different approaches to meeting this strategic goal. It became clear that the document management and enterprise content vendor landscape was vast with numerous solution providers. As a result, we concluded that a Request for Qualifications (RFQ) for technology consulting would allow the investment staff to leverage an expert in the technology space while also evaluating the investment department’s existing workflow and technology platform. The result of that RFQ was the selection of Cordatius.
The investment department laid out two major issues it was trying to solve:
1. Automate document retrieval from investment manager portals that use multi-factor authentication protocols.
2. Organize investment information from investment manager presentations and investment staff’s notes into a single location that has robust search features.
Working with Cordatius, we agreed with their recommended approach using a modular best-in-class vendor selection methodology as the right one for this project. Cordatius’ refinement to our original identified issue was not only to identify our current state but additionally provide a path to a future state that understands technology adoption is a step-by-step iterative process and that by delineating the functional aspects of our records (collect, organize, extract, store, and report), each technology function can be absorbed with less disruption to the team’s workflow overall.
The attached Cordatius Records Management Project Decision memos detail the progress we have made and provide the positives and risks associated with each selected vendor for each function. The Cordatius team and SBCERA worked hard to bring two firms we believe will meaningfully improve our middle and back-office functions. For the “Collect” component of our project, we have selected Canoe, and for our “Organize” function, we are selected Upmonth. Each vendor’s proposal, including implementation, falls within the CEO’s procurement authority.
As a final observation, it is readily apparent that Artificial Intelligence is re-making this industry in real-time. As a result, we feel particularly fortunate to be engaged in this project with what certainly appears to be meaningful strides in machine learning.
BUDGET IMPACT:
Costs for this item are included in the current year administrative and/or non-administrative budget.
STRATEGIC PLANNING GOAL/OBJECTIVE:
Prudent Fiscal Management
STAFF CONTACT:
Don Pierce
ATTACHMENTS:
Exhibit A: Cordatius Records Management Project - Collection Update
Exhibit B: Cordatius Records Management Project - Organization Update