Change events, introduced in Fundipedia version 1.4.6, give users a powerful way to program automatic updates to the information stored in Fundipedia. Field data can be automatically changed based on other field value changes based on the rules you configure.
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So how would this work in a real world example? Let’s consider a Share Class Extension field. This field is generally a combination of many different fields with rules depending on whether the share class is hedged. Please note this example is for illustration purposes only.
Administrators can add a change event on a field from the field edit screen:
To create a change event you must first select the fields to listen for changes on – the change event will fire when a published change is made to any field you select. The fields available for selection are based on the object’s relationships.
The following change event will fire if a published change is made to any of the four fields: Base Currency, Is Hedged?, Letter Type Id and Share Type Id:
Next, you can start building custom rules for updating the field by adding conditions and outcomes. Multiple rules and conditions can be combined to achieve complex results with minimal effort.
You have the option to set no conditions meaning the rule will always be used or you have the ability to add conditions. In the following example this rule will fire if the record updated is hedged:
Notice that the condition selector changes its options depending on the field that you have chosen, for example, a true/false field can only equal true or false. The following condition options are available:
- Is Empty or Null – Include records where the field doesn’t contain a value, or that value is blank.
- Is Not Empty or Null – Include records where the field does contain a value, and that value is not blank.
- Is Null – Include records where the field doesn’t contain a value.
- Is Not Null – Include records where the field contains a value, even if that value is blank.
- Equals – Include records where the field exactly matches a value.
- Does Not Equal – Include records where the field does not exactly match a value.
- Is Less Than – Include records where the field value is less than a value.
- Is Less Than or Equals – Include records where the field value is less than, or equals, a value.
- Is Greater Than or Equals – Include records where the field value is greater than, or equals, a value.
- Is Greater Than – include records where the field value is greater than a value.
This list is restricted by field type. Is less than, is less than or equals, is greater than, is greater than or equal can only be applied to date or numeric field types.
If you have selected equals, does not equal, is less than, is less than or equals, is greater than, is greater than or equal then there will also be an option to add a value.
You can add additional groups using the add condition group link and add additional conditions to a group using the green plus icon. This allows you to build up complex logic with minimal effort to ensure that Fundipedia is only submitting values for approval when you want it to. Condition groups need to have at least one condition and you need to have at least one condition group.
Once you have configured the conditions you can set up the outcome; this is the value that Fundipedia will submit for approval if the conditions are met. The default behaviour is to submit a blank value but this can be replaced with a custom value, by toggling the add custom value option. You can also add the ability to make no change.
The following will submit the Letter Type ID + ‘ ‘ + Share Type ID + ‘ ‘ + Base Currency + ‘ Hedged’. For example, this could submit “I Acc GBP Hedged” for approval into the share class extension field.
Rules are evaluated top to bottom. Once a change event meets the conditions of a rule it will attempt to submit that value into the approval process and stop evaluating rules.
For easy management you can also:
Rename rules – using the pencil next to the name.
Collapsed/expanded individual rules – using the collapse/expand buttons in the top right corner on the individual rules.
Collapsed/expanded as a group – using the collapse/expand link at the top of the rule list.
Remove rule – using the remove button in the top right corner on individual rules.
Reorder rules – using the grab handle on individual rules.
Every time a change event is evaluated a record is logged in Fundipedia for auditing purposes. This ‘Execution Summary’ can be viewed when viewing any version of a change event. This execution summary shows the following information:
- Run Date – This is the date that the execution took place
- Destination Change – this is a count of the number of records that had a new value submitted for approval
- No Destination Change – this is a count of the number of records where the value that was submitted for approval was the same as the old value.
- Validation Error – this is a count of the number of records where the new value did not pass the validation on the field, such max length
- No Conditions Met Error – this is the count of the number of records where there was no matching rule
- Skipped Records – this is the count of records where a rule is configured to make no change
- Actions – this takes you to the details of the execution
A new version of a change event is created whenever the rules or the fields that trigger the change event are updated. Other changes, such as to the active state or the description, will be saved as part of the current version. This allows you to turn events on and off without cluttering up the history.
Previous versions can be viewed from the change event page. The previous versions page shows a brief summary of the change event and its use including the version number, the created date, user who created the record, last run date and total run count.
Available from the top menu there is an overview page which lists all change events in Fundipedia. This change event icon will display a badge showing if any change events have encountered Validation or No Conditions Met errors on the most recent execution of active change events.
Clicking this link takes you to the ‘Change Event Summary’. This summary shows an execution summary for all change events. In the action column you are able to switch to a view of the change event, open a dialog showing the execution summary of just that change event, or view the detail of that execution.
Change event information can also be seen when viewing a record. Fields that have or are involved in an active change event will have a cog This can be clicked to display which fields are populating the field and if that field is populating another.
What are the benefits?
Accurate data – Comply with industry standard reporting requirements. Ensure data is accurate time and time again.
Auditing – All automate data changes are audited and require approval before data is published.
Increased productivity – Remove the need for manual data manipulation. Create your own rules and conditions and let Fundipedia do the hard work.
Want to find out more?
Get in touch to see how we can help or to arrange a free demo.