Risk And Finance Data Alignment
Our team worked with a global bank to design a process and governance framework that would drive the alignment of data across their Risk and Finance functions.
Our client launched a global data strategy programme to address regulator concerns around the consistency and accuracy of the information provided by their Risk and Finance functions. Discrepancies were caused by a lack of consistency in data sources, definitions and aggregation rules, as well as a lack of ownership over specific data elements.
Our team’s challenge was to lead a Risk and Finance Data Alignment workstream, aimed at implementing a process and governance framework to drive home standardisation and assess data management solutions.
Our team got to work supporting our client’s Risk and Data Officer to design a framework for identifying ‘golden’ data sources and standardising definitions for existing data elements. We also assessed three in-house data management tools and identified a tactical solution to support a pilot study.
We went on to pilot the new process, governance framework and preferred system in relation to seven critical data elements that were used as part of the Firm Data Submission Process (FDSF), before extending the governance framework to cover all businesses and functions aross the bank.
Our team played a leading role in the creation of a standard process and governance framework for data used by Risk and Finance, which was scalable to support the needs of the bank as a whole. We also established a tactical system solution and created a ‘golden source’ for data elements and definitions.