The continuous digitalisation of the banking sector and the increasing regulatory constraints require banks to install a more structured approach to managing and optimising corporate information.
Therefore, a new department - Data & Analytics Office (DAO) – was set up, providing the necessary governance for efficient and effective management of corporate data and information. This department was essential for
- providing accurate and timely information,
- transparent and correct reporting,
- substantiated decision-making, and
- creating business value whilst controlling risks.
As a basis for the Target Operating Model, we had four main objectives:
- Design of TO-BE business processes enabling the rollout of the Information Management governance.
- Setup of the corporate, continuous and automated data quality monitoring with the focus on business participation.
- Providing a framework of pro-actively detecting anomalies, root causes and procedures to improve data quality.
- Compliance with the most recent regulations imposed by various institutions and auditors.
Combining our expertise in data quality management, process design and process monitoring, with our client's internal subject matter expertise, we achieved a solid basis for the phased roll-out of the Target Operating Model. We implemented new Information Management roles, processes and tools to support the company-wide digital transformation.
1. The processes.
- Design of efficient processes that support the new Information Management governance.
2. The tools.
- Centralisation of data quality information in a corporate data governance tool that provides real-time information to enable valuable decision-making.
- Creation of data quality dashboards on strategic, tactical and operational level.
3. The methods.
- Definition of Data Quality requirements and setup of end-to-end data quality assessment.
- Creation of business support by providing training, and introducing and supporting Information-Stewardship.
- Introduction of user-friendly tooling to monitor data quality and enable issue management.