Establishment of Chief Data Officer, Data Strategy and Data Governance Framework

Client Background and Situation

The client is a global universal bank offering services across the board including retail, corporate, commercial, investment banking and capital markets.

The focus of the project was the creation of the Chief Data office, an agreed data strategy, a target operating model, and the rollout of a data framework across the bank.  The bank needed to establish the function in response to significant regulatory oversight following the global financial crisis in 2008

The program also resulted in the introduction of Informatica products (Data quality and metadata manager (now known as EDC).

Scope of Services

• Establishing the department of the Chief Data Officer (CDO)

• Creating and agreeing on a data strategy

• Introducing a governance framework for managing the activities of the CDO

• Creating and agreeing on a new data governance framework

• Creating a data policy

• Creating workstreams to manage the delivery of the framework

Ø Business process mapping

Ø Data lineage

Ø Data glossary and dictionary

Ø Data ownership

Ø Data quality

Ø Root cause analysis

Ø Remediation

Ø Metrics and value measurement

Ø Communication and engagement

Ø Data cataloguing

Ø Data analytics

Ø Reference data management

Ø Solution architecture and tool selection

Ø PMO – Agreeing roadmap for delivery including mechanism for prioritisation

Challenge & Outcomes

• Understanding the culture and identifying a suitable data governance framework for the Bank

• Managing expectations – We might not be right the first time.  Be prepared to fail, fail quickly, reset, and deliver.  There is no such thing as failure – Its just “Not Yet”

• Think big, start small, grow fast

• Identify influential leaders, align the programme with business outcomes

Data transformation should not be led by technology but by the business.  The business sets the tempo and the direction

• Don’t implement technology until it is very clear what value we are trying to bring, how the technology is used is driven by the business needs, not what functionality the technology can do

• Technology is an enabler

• Focus on value creation not change for change’s sake

 

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