The Challenge
A global commercial bank with a highly decentralized data management practice was facing open audit issues and potential regulatory risk. They lacked a proper enterprise data management policy and corresponding policies and standards around data. They asked for support to remediate these gaps, as well as advise on a roadmap for improving the discipline of data management within the bank over a three-year period.
Project Description
Further Advisory was engaged to first rapidly assess the bank’s current data management & governance environment (policies, org, standards, and processes) and then craft a pragmatic roadmap for taking a significant leap forward in data governance maturity. The work included establishing a new enterprise data governance policy, building out a hierarchy of additional data-related policies and standards, standing up an enterprise data management office, and detailing out a plan that considered change management and value creation opportunities along the way.
Outcomes Delivered
- Operating Model. Formalized a data management and governance operating model including defined roles and responsibilities, named resources, and clear escalation paths to ensure strong oversight over the data management practice.
- Policies and Charters. Developed the data management and governance policies and team charters needed to establish a strong operational foundation.
- Use Case. Documented an end-to-end example of the process for bringing a data element under governance to articulate to stakeholders the complexity of the exercise and to illustrate how the components of data management come together to enable data quality.
- Roadmap and Plan. Created a roadmap capturing the sequence of activities needed to build a sustainable set of data management capabilities while executing on high-value priorities.
