BearingPoint supported a global private bank to develop and implement a customized Data Catalogue and shift towards a data-driven organization. The bank now has a central hub for its data, which enhances its operational performance, facilitates the creation of new data products, and ensures compliance to FINMA Circular 2023/01 as well as upcoming regulatory requirements.
In order to mitigate risks as they arise from financial markets and transactions, banks and financial institutions must be able to process data in real time, ensuring its accuracy and adherence to top security standards. As per FINMA Circular 2023/01, organizations in the financial sector have to fulfill special statutory requirements to better manage operational risks and enhance resilience in institutions, ensuring they can continue operations and protect critical functions and data even during significant disruptions.
The bank wanted to act on these regulations earlier than required while also creating a strategic transformational program that would allow them to become a data-centric organization to then leverage its new structure for growth. With a focus on servicing and advising sophisticated private clients, the bank aimed to digitalize its processes and scale up innovation to boost its service-offering portfolio. The bank needed to rethink how it organizes, models, and uses data localized in over 1,000 applications and systems, in a structured and organized manner, to achieve transparency across all its divisions, thus enabling them to develop new products and solutions.
BearingPoint worked together with the client to identify all its Sensitive Critical Data and categorize it by key criteria like confidentiality, integrity, and availability. This would align with the bank’s overarching goals of enhancing operational risk management and ensuring operational resilience. In a span of just two weeks, BearingPoint successfully formed and mobilized a team well-versed in business strategy and Collibra technology, leveraging their expertise to develop a customized Data Catalogue for the bank. The project team was part of the client’s newly created Chief Data Office to assess and collect information from 100 applications containing Sensitive Critical Data. BearingPoint conducted workshops involving various personnel from business, IT, and data governance groups—including those from business domains, enterprise architecture, and data stewardship—to guarantee a comprehensive understanding among all stakeholders and secure their commitment to the project's scope and vision.
By leveraging the data catalogue tool, Collibra, BearingPoint has organized the collected data on a physical, logical, and conceptual layer, including authoritative data sources, to gain a full traceability view of information. A key task that had a significant impact was the data modelling that creates visual representations of data elements and their relationship with the system to ensure consistency and integrity. Together with the implementation of the data catalogue, BearingPoint has defined and established efficient and auditable processes and standards, measurable KPIs, and guidelines for continuous improvement of work methods.
The bank achieved compliance with the FINMA Circular 2023/01 in a timely manner, by establishing a solid data governance and an optimal streamlined data foundation. It now complies with regulatory standards and can now respond with confidence to future market shifts.
Our client has established one central repository for all its financial information that is accessible to all its employees, by using a Data Catalogue. A well-implemented data governance organization—including chief data officers, data domain owners, and data domain stewards—along with clearly defined rules and automated workflows have greatly improved operational efficiency and effectiveness. This lays the groundwork for all the data governance processes within the bank.
The Data Catalogue also gives visibility into data flow and data ownership, which helps the bank’s staff prevent interruptions in the process caused by isolated information or proxy assignments. Our client can now use data to make better, quicker, and more informed decisions to tailor their products and solutions to its customers’ specificities.
