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Data Governance / Standardization of Data for FSCS Compliance​

HomeRegulatory Technology FSCS Single Customer View Data Governance / Standardization of Data for FSCS Compliance​
1 June 2021 by MG Marketing Ops Team FSCS Single Customer View, Regulatory Technology

Here is the case study report of how our Data Governance Model Framework of FSCS SCV solution helped one of our clients who had data in silos and unable to generate fully compliance SCV files with their legacy reporting systems.

Business Challenge

One of our clients, having multiple geographical footprints used the legacy reporting systems in regulatory reporting preparation which pulls data sources from multiple systems which prone to errors, omissions, and duplication due to unstructured data formats. With these substantial data silos, it was hard to fully comply with regulatory reporting. The massive volume of unstructured data poses new challenge for compliance teams with multiple records for the same person and it is difficult to derive accurate data and perform data unification.

Our Solution

We addressed the issue in 3 effective phases:

Phase 1: Gap Analysis:

Our SMEs and business professionals conducted an operational and business readiness assessment to understand the current organizational data model and observed that the client required an integrated and comprehensive approach in order to understand the implications in their business operating model and assess quantitative benefits that could address in terms of data governance.

Phase 2: Deploying the strategy:

Practical recommendations were forwarded to the client provided with expertise to improve the data standards.

  • Built reporting architecture for data onboarding and configured a DataMart for data transformation to feed the reporting tool.
  • Framework implementation which includes Data-related decisions, processes, and controls subjected to data governance accompanied to support compliance and auditing requirements.
  • Defining processes and business rules for ongoing governance and develop common standard data definitions.
Phase 3: Implementation:

Our team integrated the client’s current organizational data model with our MG’s Data Governance framework using our industry leading “SCV Forza – FSCS SCV Automation Platform” and “SCV Alliance – FSCS SCV Audit Platform” for the consistent improvement of their Data Architecture, Master data management, Data warehousing by managing and addressing the client’s challenges by 360 degree.

The Results

Restored the client’s confidence by turning the PRA’s RED rating into GREEN with no penalties and restored immunity with continual business operations. Further Remediation program has been withdrawn by PRA.

Client had a greater insight into their data set now and strengthened their relationship with their customer for greater business benefits both tangible and intangible.

Our solution helps in addressing a long hauled systematic issue that redefined reporting which includes Regulatory Reporting Hub for the customer using single data point.

Provide utmost accuracy and Complete Peace of mind

We will be able to help you in whatever the stage of your regulatory reporting programs

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