Change: Reference Data Management

Nov 2, 2015 | Case Studies, Case Study - Data, Case Study - Digital, Practice - Data, Practice - Digital

A major Swiss bank had created new sources of reference data to meet regulatory requirements, reduce Total Cost of Ownership (TCO) and realise bank-wide benefits. The foundational components were laid through the consistent definition of clients, sales contacts, settlement instructions, instruments, books and contractual agreements. In order to achieve the benefits of mastering this data, it needed to be distributed to more than 1,000 applications serving the investment bank, private bank and global markets divisions.

Brickendon was asked to apply its Change philosophy to assess, improve and lead the team tasked with data distribution. Particular emphasis was placed on guaranteeing delivery and accelerating the pace of the program. Brickendon focussed on two distinct areas: the consumer-facing approach and the program delivery method.

The Challenges

The reference data change and technology teams served the needs of data-steward and data-owner groups, who were responsible for writing and maintaining the data. This is common industry practice with the following characteristics:

  • Data is categorised by how it ages (e.g. instrument versus market data – market data is separate as it is more dynamic) and the specialist knowledge needed to maintain it (e.g. client versus sales contact data). Data consumers need to link data sets together to perform business functions
  • Tight control of the data scope within the steward group leading downstream consumers to amend and enhance the data for their use
  • Data models are defined for ease of maintenance not for ease of consumption
  • Information on data services focusses on data governance concerns
  • Consumers are not incentivised to adopt new sources of reference data which address stewardship and governance concerns

The Brickendon Solution

Brickendon created a consumer-facing data team, with individual members responsible for working with a particular division of the bank (e.g. Fixed Income, Equity, Operations, Private Banking etc.). This team was given responsibility for:

  • Identification and resolution of long-standing data model, delivery and quality concerns raised by consumers
  • Definition of scope of data distribution through identification and engagement with consumer stakeholders
  • Project management of data distribution projects

In addition, as part of the bespoke Change approach, Brickendon:

  • Created a consumer-facing information resource, describing data available, technology used, access methods and the optimised data adoption process
  • Where possible linked consumption of the strategic data sources to regulatory initiatives or other objectives of consuming groups
  • Identified Change Champions in data and consumer teams to encourage adoption of strategic reference data

Client Benefits

  • Improved engagement between data stewards and consumers through the creation of forums and other mechanisms for communication
  • Clearly defined, repeatable project methodology and understanding of end state
  • Improved understanding of consumer requirements within the data-steward team
  • Improved understanding of internal and external data-governance constraints by consumer groups
  • Acceleration of pace of delivery

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