Manage Data Assets with the Right Enterprise Strategy and Oversight
US Farm Credit Bank
The Client’s senior leadership sought to establish a framework that addressed outstanding data issues and prevented future data challenges. Reference Point focused on the development of an enterprise data management strategy and data governance policy as well as the formation of an implementation roadmap to stand up a Data Management Office to execute upon the data strategy.
- To solve for increasing reporting requirements from regulatory agencies, the Client needed a mechanism to mitigate risks associated with the management of data and processes across the bank.
- The Client faced numerous data challenges, including inconsistent sourcing of data; the lack of a certified Systems of Record; the absence of trusted data assets and standardized processes; and varying understanding of business, data, and technology assets.
- The Client was also challenged with key resource risk due to a large degree of undocumented institutional knowledge, a lack of accountability and data ownership, and no existing mechanisms to measure data quality and associated follow-ups.
- Reference Point deployed a team of data experts and data management consultants, including the former SVP of Analytics and Data Management at Bank of America, to define a data strategy and data policies as well as advise on enterprise data management processes and systems across business and technology.
- The team interviewed key stakeholders across business and technology to assess existing processes and identify / validate pain points and the associated risks.
- The results of these interviews allowed Reference to customize a data strategy and designate roles and responsibilities for the new data management function.
- Reference Point helped the Client successfully socialize the new data strategy by sharing critical success factors from prior implementation experiences at similar-sized organizations.
- The Client was also able to establish an Office of Data Management and define the associated roles and responsibilities required to effectively manage the bank’s data assets.
- Based on Reference Point’s implementation expertise, the Client defined a detailed implementation roadmap with seven workstreams to progressively establish a sound data management program.