Global Investment Bank
Client Situation & Challenge
Our client, a global investment bank, was struggling to meet the demands of CCAR regulatory reporting due to data quality challenges caused by an outdated data model, siloed architecture and inconsistent reporting across functions. In addition, the banks regulators were concerned with the number of manual adjustments required to produce the required reporting as well as the controls around the business processes.
CrossCountry Consulting was engaged to assist in developing a data remediation program that would determine the root cause of data anomalies, develop tactical and strategic solutions to address the anomalies and perform a monthly data health-check as a way to monitor progress. The solutions were a holistic approach targeted not only on data but business processes and architecture transformation, where relevant.
The project approach included the following key elements:
- Creation of data extracts from source systems.
- Development of a set of business rules to run against data extracts and automatically detect a certain class of data quality issues.
- Development of data quality dashboard, utilizing Qlikview, to display data health check results to business owners in a user friendly manner.
- Creation of a monthly health-check calendar with key dates for running business rules and distributing results to business owners for remediation.
- Development of a process to triage data quality issues, assign priorities, log into tracking tool and assign to a business analyst for further investigation, solution design and creation of business requirements for implementation by the technology teams.
By creating a data quality dashboard, repeating issues were highlighted and solutions were developed either via a change to business process or a technology system change. Publishing the data monthly allowed business owners to see progress as well as to escalate issues where necessary, bringing a level of transparency to data quality that had once been unachievable.
As data quality issues began to be resolved the client was able to produce their CCAR reports with a much lower level of manual intervention, thereby saving time and cost as well as allaying regulator concerns regarding manual adjustments.
- Accounting & Finance Process Redesign
- Accounting & HR System Assessment
- Accounting Policy Advisory – Revenue Recognition
- Accounting System Implementation
- Acquisition Advisory
- Acquisition Due Diligence
- Acquisition Integration & Support
- Consolidation Accounting
- Divestiture Support
- Enhanced Data Quality for CCAR Reporting
- Finance Function Assessment
- Fund Performance and Data Analytics Assessment
- Getting a Handle on REG D Compliance
- Initial Public Offering (IPO) Advisory