Data Strategy for a UK bank

Situation

Regulatory pressures dictate that the overall data strategy of the bank be reviewed. The German arm of a UK bank needs to ensure compliance with data governance standards and policies while gaining a full view of their data assets

Challenge

The German arm of the UK bank needs to establish a Chief Data Officer (CDO) function and implement a data strategy from scratch. This involves creating a metadata repository, identifying critical data elements, establishing data ownership, defining data lineage for key regulatory reports, implementing data quality controls and measures, and setting up an operating model for data governance.

Action

The bank undertakes an end-to-end engagement to set up the CDO function and implement the data strategy. The following steps are taken:

• Creation of Metadata Repository: Develop a centralized repository to store metadata and establish workflows for metadata management.
• Identifying Critical Data Elements: Identify and prioritize critical data elements for regulatory reporting and establish ownership
• Data Lineage: Establish data lineage for key regulatory reports to ensure transparency and traceability.
• Data Quality Controls and Measures: Define and implement data quality controls and measures to ensure data accuracy, consistency, and completeness.
• Provisioning and Authoritative Source: Implement technology solutions to provision and manage data on a governed platform.
• Operating Model Setup: Establish an operating model for smooth data governance, including processes, roles, and responsibilities.

Results

By delivering and implementing the data strategy, the German arm of the UK bank achieves compliance with data governance standards and policies. The establishment of the CDO function and metadata repository enables efficient management and governance of data assets. The identification of critical data elements and data lineage provides visibility into regulatory reporting processes. The implementation of data quality controls ensures the accuracy and reliability of data. Overall, the data strategy implementation enhances data management capabilities and supports regulatory compliance across the German arm of the UK bank