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Many capital markets firms lack a data governance model—and most don’t even know it. Accenture and the A-Team Group explain how you can transform your organization’s data into a strategic asset.
In a world where risk and regulation are top of mind, capital markets firms are quickly realizing that timely access to accurate and consistent data is critical for risk management and compliance. Savvy managers are taking things one step further, transforming data management from a regulatory imperative into a strategic advantage by using data to boost profits and streamline operational processes. Are you one of them?
Underpinning every successful data management effort is a well-designed governance model: a set of processes that allows a business to gather and use data from across the organization quickly and effectively. Years of restructurings, mergers and acquisitions have made financial institutions highly complex organizations with disparate data management systems. Many lack a data governance model—and most don’t even know it.
In this report, which was developed in cooperation with the A-Team Group, Accenture explains what constitutes effective data governance and outlines the steps your organization can take to achieve a robust data governance model.
Download the full report [PDF, 433KB]
Data professionals are dealing with a huge challenge: how to collect and integrate the enterprise data asset, and present it to the right people, at the right time, in the correct format?
There is no magic-wand solution to this challenge. Instead managers can help themselves by establishing a clear model for data consistency, data processing and on-time delivery of information for a broad range of high level consumers. A data governance approach ensures that all stakeholders across the enterprise are pulling together to meet the data management challenge.
The first step is for institutions to take a look at their existing processes and ask themselves whether they have a governance model in place. Many will find that they don’t. However, establishing a solid, and clearly and widely understood, data governance model is a relatively straightforward process, with the benefits easily identifiable and quickly achievable.
What can a robust data governance approach bring to your organization?
In short, it can yield on-demand access to consistent, accurate and fit-for purpose data. It can transform the enterprise data asset into a source of information that is consistent across all aspects of the business, yet flexible enough to be applied correctly to the nuances of different activities. This meets the demands set both by new and changing regulatory environments and a newly risk-aware senior management and board.
With these incentives, all financial institutions should be actively engaged in setting a governance model for management of their data asset. Practitioners will find that getting started is not as arduous as it seems, and a simple set of steps can secure some quick wins, helping build momentum and support for true enterprise-wide data management.
While the ultimate solution developed during each project is unique, we develop each solution following our three-stage approach honed from this specialized experience: Collaborate, to understand the client’s unique requirements and objectives; Current Environment Assessment, to assess the current conditions and issues; and Future-State Design, to develop and implement the solution.
December 21, 2011
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