CASE STUDY
Meeting data compliance regulations through an effective Data Governance Framework was the key to helping this financial institution realise it's business potential and deliver on future strategic requirements and service needs.
In recent years, the amount of data generated by this Australian Bank's core operations has increased significantly, and the bank was seeking to leverage this additional data to better support the provision of banking and financial services in a compliant way. The bank was also concerned that data stored outside the core banking system is managed consistently with regulatory and customer obligations. Regulatory changes including CPG235 (Managing Data Risk) and APS910 (Financial Claims Scheme) had also created additional data management requirements.
___Our approach
We undertook a comprehensive current state assessment of this Australian Bank's data management practices, to identify the key drivers and challenges for the organisation. The assessment was then used as the basis for defining a tailored Data Governance Framework (DGF) for Australian Bank. Finally, we defined a target state roadmap and associated activities, to enable the steady implementation of the framework.
The Data Governance Framework we designed has successfully defined the foundational data management capabilities required for compliance, and to support the bank's overall business strategy.The framework has been endorsed at the executive level, and is currently being implemented progressively.