About the Client
A major banking and financial services provider based out of Western Europe. The client was looking at deploying a data governance framework to address the core data management issues faced by them.
The Business Challenge
Data has turned out to be a valuable asset that needs to be well maintained and secured across industries. For banks, collecting, safeguarding, and analyzing data is a core competency that differentiates them from their peers. Yet several banking firms and asset managers are still in the infancy of taking full advantage of their data governance model. As technology and technological transformations expand an institutions’ ability to profit from data, it also ushers in new vulnerabilities. As such, protecting data from vulnerabilities remains a pressing issue facing financial institutions today.
The unrelenting pressures from non-traditional banks is another factor that is driving financial services firms to transform themselves digitally by deploying an effective data governance framework. However, to completely transform themselves into a data-driven organization, banking service providers needs to address the top three data management trends revolving around: data volume, ubiquity, and user demands. As a result, the process of understanding data quality, deploying a data governance model, ensuring data security, monitoring data management infrastructure, and maintain a data governance framework is gradually gaining importance.
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Most of the data quality issues faced by banking firms result from poor data governance framework, lack of well-planned tactical solutions, and weak data governance frameworks governing a firm’s data management system. A leading financial services provider headquartered in Europe found itself grappling with multiple regulatory compliance issues. The financial services provider was striving hard to drive data governance and data analysis across its enterprise and were on the lookout to implement a data governance framework that would help them address their challenges.
Top Challenges Faced by the Financial Services Provider
Problem Statement 1
The client’s existing data management system lacked the agility and flexibility to address the ever-growing needs of a rapidly changing business landscape.
Problem Statement 2
Along with the skyrocketing enterprise data management costs, the lack of data traceability and lineage further hampered their compliance efforts.
Problem Statement 3
The lack of a dynamic enterprise data governance framework prevented the client from addressing the myriad regulatory needs to facilitate regulatory reporting.
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Solution Offered and Value Delivered
To help the financial services provider overcome their data management challenges we developed a data governance framework that helped address the issues arising due to a siloed data environment. The scalable, dynamic data governance framework not only helped address the existing compliance issues but also addressed other requirements associated with cybercrime and fraud detection.
The initial phase of this data governance engagement revolved around gathering and analyzing all the data generated digitally across different business units.
The second phase of this data governance engagement focused on reducing data silos and complexity that prevented the client from understanding their datasets.
The final phase of this engagement revolved around the deployment of the data governance model to address the key challenges faced by the client.
The data governance framework helped the client to save a significant sum owing to better enterprise compliance and data governance. The data governance framework also aided the timely preparation and distribution of validated risk reports. Along with a rigorous data governance process and improvements in data quality, the data governance framework offered access to real-time data across the enterprise also empowered the client to make faster and better decisions.
Data Governance Framework
Deploying a data governance framework can help you gain a front line advantage in today’s complex business scenario. Connect with our analysts to know how.
Quantzig is a leading analytics and data management solutions provider that is well-known for assisting clients across the globe with end-to-end data governance capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. We recognize the importance of analytics in today’s complex market scenario, but we also understand the necessity of finding pragmatic and efficient ways to iteratively build the required data governance framework. This is what sets us apart from our competitors and prompts clients to engage with us on a recurring basis.