SUMMARY
The client, a private bank, had to comply with the BCBS239 regulation. As an action plan, a BCBS239 implementation program has been activated. Avantage Reply Luxembourg was invited to accompany the organization during this journey.
CUSTOMER GOALS
The customer wanted to create a foundational data governance framework that would allow the closing of the regulator recommendation, as well as a structured approach for implementing data management.
CHALLENGES
The challenges that the organization was faced with ranged from lack of data awareness, no structured data governance, no data office team, scattered data expertise and no clear data related responsibilities, lack of data visibility and scattered data knowledge, lack of data capabilities that were needed to properly manage critical data in the organization.
SOLUTION
In order to respond to the regulator requirements and to increase the data maturity level within the organization, Avantage Reply accompanied the organization during its entire data governance and data quality framework roadmap. This led to the achievement of the below deliverables:
Definition of the data governance and data quality framework:
• data governance policy, including a data strategy• foundational data related policies and processes: business glossary, data lineage, data quality control framework, data quality issue management and remediation• foundational roles & responsibilities: data authorities, data owner, data steward, data custodian, data office/ strategy & governance• foundational corresponding training modules: data management, business glossary, data lineage, data quality controls, data quality issue management and remediation, roles & responsibilities• required activities on communication and change management
Implementation of the data governance framework:
• documentation of the business glossary on critical data for finance, risk, compliance, client• documentation of data lineage for critical data part of the regulatory reports, as well as for internal identified critical reports• documentation of the data quality issues and the corresponding remediation actions• delivery of data processes trainings: conceptual, hands-on, on-the-job modules handover of the documented deliverables to the identified, appointed and trained data stewards•data committee activation• overall communication
Monitoring of the data documentation and of the data embedding progress:
• progress of identified, appointed, trained internal people on data roles• progress of data committee presence• progress of critical data documentation• progress of data quality issue identification and remediation• Alignment with internal stakeholders before the validation of the deliverables related to the BCBS239 program
The overall roadmap answered to the regulator requirements and it has also increased the organization's data maturity by activating and further increasing data visibility, data understanding, data ownership, data trust, by facilitating data impact assessment via the documented data lineages, with a positive direct impact on standardization and rationalization.