A large financial services company required improvements in its governance capability and maturity. Frazer Walker assisted in establishing and embedding this capability.
Within project timeframes, limited resources and capabilities, established good governance practices.
Maintaining data governance can be a challenge when there are competing priorities of resourcing (people and money) and business priorities.
The first challenge was compiling a Data Asset Catalogue of public markets teams for bottom up data governance, while also collating and compiling data issues with a heat map, within a project timeframe.
Once established, the subsequent challenge was set-up of the Enterprise Data Office, to establish and maintain governance and practices that would bring about improved data over time.
In the past few years the Company was realising a convergence of factors:
- The regulatory environment was changing
- Client’s expectations were changing
- The business wanted to grow with clients, both domestic and internationally
- A historical lack of investment in data and technology had triggered the need to establish data governance as the mechanism to improve data management and quality over time.
Our work with the team required a pragmatic, hands-on capability that delivered value. This included:
- Producing a draft Data Management Framework that tied in to the overall parent company framework
- Collating data issues, and prioritising the main ones with a heat map
- Commencing data remediation activities
- Facilitating meetings with business staff to document data assets, including their description, dependencies, information classification, privacy classification, owners, stewards, custodians and other metadata. This was across Public Markets, and Investment Reporting and Analytics teams.
- Facilitating fortnightly data working groups for allocated data domains with owners, stewards and custodians to work through remediating data issues, either as part of business as usual activities, or as part of projects.
Training data stewards to compile data asset catalogues for Client and Product data domains
The deliverable was a Data Asset Catalogue for Public Markets and Investment Reporting and Analytics, delivered through and as part of a project team.
The subsequent deliverable was establishment and maintenance of data working groups for allocated data domains, completed as part of establishing a centralised Enterprise Data Office. This included data asset catalogues for Client and Product.
Over time, this will bring about improved data management, capability and quality.
For more information please contact Ian Chisholm, Phone: +61 401 316 004, Email: email@example.com