The quality of submitted and internally produced data is vital to the operations, and lapses in data can be costly within the banking industry. We work closely with our clients to understand the challenges faced, and develop ways to generate new opportunities by improving Data Governance and Data Analytics processes and deploying innovative technology solutions to serve these purposes.
Intone’s approach to establishing a more effective Data Governance model for our client consisted of first assessing the bank’s current state of in-place data quality controls to determine the steps necessary to upgrade their processes and provide more effective monitoring and scalability of analytics for the bank’s growth.
Secondly, designing a platform reconfiguration that included a framework focusing on all regulatory requirements related to data governance/data management and industry best practices (input quality controls, modelling and mapping, CCM, etc.). The project’s ultimate goal was to provide the bank’s stakeholders with a more effective data monitoring process and professional assurance inherent in well-managed, quality data (fully supported by adherence to industry standards) from day one and into the future.
The data quality assessment directed the project’s detailed plan for more effective and successful implementation and updating of Data Governance and data monitoring processes. A team consisting of bank staff and Intone professionals was tasked to define data quality standards to build a framework and develop continuous monitoring of key analytics, business process and IT controls. A data model for controlling internal and external data sources was also developed through data management consolidation employing predictive analytics. The team then developed a plan to manage risk, and create continuous data quality monitoring by integrating the bank’s current data universe.
The newly designed Data Governance and continuous monitoring capabilities provided the bank with confidence the new data environment and its controls are 100% compliant and provide favourable bank filings, financial reports in all regulatory/audit reviews. The bank now has normalized, reliable, verified customer data and is better positioned to market its products competitively. The utilization of customized analytics in the data management has reduced the bank’s risk levels and improved marketing strategies by providing real-time reporting of total customer positions across all products/accounts