A lack of communication and siloed processes can make data less effective. For this major bank, we developed a centralized data governance strategy to increase the organizations accuracy and reliability.
The client is one of the world’s largest custodian banks and security services companies powering the financial world across Investment Management, Investment Services & Wealth Management.
Challenge
The client’s current model and processes in master data management capabilities were inefficient, fragmented and inconsistent, which introduced risk to the enterprise. The client sought to accelerate the master data management program to build resiliency and improve business operations efficiency. Orion’s proposed program was designed to extend master data management capabilities across all business lines as well as integrate with other digital platforms to drive adoption of enterprise data.
Orion faced a hard deadline to deliver the enterprise data transformation roadmap in 16 weeks, along with the timely migration of the dataset for each domain. Therefore, our approach had to be nimble, as priorities shifted many times. Moreover, it was necessary to completely redesign the master data management experience to make it intuitive, personalized and connected.
Solution
Our team developed a global delivery model that included Agile PODs offshore. Our solution provided a single source of truth for the counter party relationship and account hierarchy to increase accuracy and reliability. This was accomplished by:
- Leveraging externally sourced market data for all publicly available entities
- Ingesting and cleaning internally sourced account and relationship data
Additionally, Orion provided a set of actionable recommendations across all major areas of Enterprise Data Management in the form of application maps, wireframes, screen designs, a detailed style guide, a toolkit of templates and a component library.
Impact
Improved Services: Data coming from external sources was perfectly organized, scrutinized for usage and stored in the Master.
Technology Upgrade: We introduced Spark for Data Management Migration tasks. It was a critical delivery for the success of the master data management program.
Added Features: Orion facilitated domain migration to respective data masters enabling proper classification & categorization to the corresponding data masters.
Reduced Market Risk: Our solution supported critical regulatory reporting needs of the Risk Management group.
