We have supported our client, a top financial institution managing assets worth trillions of euros worldwide, with their data governance and cataloguing capabilities for a number of years. More recently, they reached out for support in managing their data quality and ensuring compliance with BCBS 239. Projective Group helped them not only to address their challenges, but also boost their operational efficiency and pave the way for future technological advancements.
Ensuring compliance
For this client, an important reason for improving their data quality was the Basel Committee on Banking Supervision’s (BCBS) standard 239, which is all about mitigating financial risks. To begin, we conducted a pre-audit assessment to measure their current level of compliance and then gave tailored recommendations on how to address gaps and improve.
To comply with all 14 principles of the BCBS 239, robust data management practices are essential, which includes strong data quality. Our client needed support in finding a solution that matched their specific needs, so Projective Group conducted a comprehensive market review of data quality tools to help them select the most appropriate for their organisation.
This structured approach will allow them to identify and address gaps in a systematic way, ensuring they can improve and maintain the quality of their data in the long-term.
We have also recommended the use of EDM Council’s data capability mapping and DCAM framework, which our client is planning to implement in 2025. This includes building cataloguing and lineage capabilities, which are crucial for understanding data sources and ensuring data integrity across the organisation. This structured approach will allow them to identify and address gaps in a systematic way, ensuring they can improve and maintain the quality of their data in the long-term.
Facing challenges
One of the main challenges in this project was the sheer size of the organisation, as this meant there were a lot of pieces to the puzzle and a large number of gaps to be closed. For an organisation of their scale, it took considerable time and effort to identify exactly what those gaps were and which solutions they needed. As is often the case, there were also technical obstacles to overcome relating to the implementation of the new tools and integrating them with the software solutions they already have.
Their enhanced data management capabilities are giving them valuable insights into data quality and sources, which is helpful for various business functions beyond compliance.
But now, thanks to our joint efforts, our client has reached the stage where their data quality and governance have significantly improved. They are now in a strong position to show auditors that they comply with BCBS 239, with most of the key requirements covered and the rest being ticked off as the project continues. Plus, their enhanced data management capabilities are giving them valuable insights into data quality and sources, which is helpful for various business functions beyond compliance.
Preparing for tomorrow
During this project, we spent a lot of time focusing on data capabilities because – like many organisations – our client wants to leverage new technologies to generate business value. For example, they want to move to the cloud and take advantage of the new opportunities offered by Artificial Intelligence and Machine Learning. But they also realise that before they can branch out into any of these directions, they need to have the basics right. They need to have strong data foundations to build upon.
With this in mind, this project has not only ensured important compliance but also laid the groundwork for our client to start reaping the benefits of these new technologies. And, as our Data Management Lead Scott Beange explains:
Having mature data management capabilities in line with BCBS 239 not only ensures regulatory compliance, but also strengthens a bank’s risk management framework, thereby boosting stability and operational efficiency.
Conclusion
In today’s world, having strong data management is an essential part of regulatory compliance – especially in the financial industry. Our client, who we’ve worked with for a number of years, asked us to help them improve their data quality to meet BCBS 239 requirements. In doing so, we also paved the way for them to leverage technological advancements that will drive even more business value in the future. With a solid data management framework in place, our client is now in a great position to innovate and maintain their competitive edge in the financial sector.
About Projective Group
Established in 2006, Projective Group is a leading Financial Services change specialist.
We are recognised within the industry as a complete solutions provider, partnering with clients in Financial Services to provide resolutions that are both holistic and pragmatic. We have evolved to become a trusted partner for companies that want to thrive and prosper in an ever-changing Financial Services landscape.
