Compliance with the Principles for Effective Risk Data Aggregation and Risk Reporting (BCBS 239) is only as robust as the embedment practices that follow. Constant change in a bank’s data environment can leave BCBS 239 compliance defunct in a matter of weeks.
Monocle assisted one of our large retail and business banking clients in embedding core data management practices across data ownership, metadata management, data quality (DQ) management and lineage tracking. The programme covered credit, operations, liquidity, market and business (finance, HR) risk domains across almost the entirety of the bank.
Our efforts were focused on promoting the adoption of data management processes and tools among business units and product teams, leveraging the bank’s enterprise data management toolsets, group wide policies and standards as well as BI reporting toolset. As a result of these initiatives the bank significantly reduced data incidents, thereby minimising data risk.
Data Quality Management:
Monocle designed and implemented various automated data quality checks that informed data quality scorecards across a wide range of retail and business banking datasets. To encourage business adoption and usage, we created comprehensive training material and facilitated extensive toolset demonstrations to enable integration of these checks into day-to-day processes.
Data Health Dashboards:
To allow teams to easily identify areas of concern, such as incomplete data loads, Monocle designed and developed a range of data management dashboards that included key performance indicators, technical calculations, business requirements, and visualisation of required performance metrics.
Significant effort was made to incorporate these dashboards into the data management reporting process which highlights remediation areas related to BCBS 239 compliance.
Data Quality Management Standard:
Monocle advised on and assisted with drafting the bank’s Data Quality Management Standard, which included requirements from the BCBS 239 principles, as well as the internal data management requirements of the bank. These standards were used to establish the key requirements of the data compliance dashboards.
Additionally, Monocle assisted teams in effectively utilising the processes and tools, with the goal of ensuring BCBS 239 compliance and maintaining continued alignment with the standard, its principles, and operational requirements.
Metadata Management:
Monocle assisted with the identification of critical data elements and corresponding business and technical metadata. Existing business glossaries were enriched with business terms and abbreviations commonly used within processes.
Business Process Flow Diagrams:
For each in scope metric, Monocle assisted with the implementation of best practise standards for business process flow mapping as well as the documentation of business process flows from source to report.
Critical Data Element (CDE) and Technical Lineage:
The Monocle team identified and tagged critical data elements along the data flow for each in scope metric.
Identification of Ownership:
Monocle assisted the data governance team with the onboarding and training of various roles and responsibilities. Ultimately, Monocle assisted in reducing unassigned data assets by 60%.
Data Management Training:
Monocle assisted in creating and facilitating the necessary training as new processes and toolsets required that training be refreshed and rolled out across the data value train.
