Risk data management & reporting factory
In recent years, financial institutions have increasingly prioritized the establishment of an efficient and centralized Enterprise Data Management Framework.
Since 2013, with the introduction of BCBS239 principles and growing requirements from Regulatory Authorities for detailed reporting and calculation specifications, adopting a centralized data management framework and robust data governance has become imperative.
How does Finalyse address your challenges?
Audit
We adapt to the client context, data awareness and level of compliance with BCBS 239
Implement
From source to report, from feasibility study to BaU, we simplify redundant data transfers & manipulations
Focus on Value
We prioritize effort and processes to maximize business value increasing data ownership, commitment and comprehension across departments
Organise
We define clear roles and responsibilities with robust data governance and final reporting based on signed-off data
Strengthen
We bring best practices and hands-on tools at each step
Long term change:
Step by step, we help you to turn into a data-driven organisation relying on better risk management reporting capabilities based on higher data quality
How does it work in practice?
Finalyse recommends a top-down approach, beginning with report analysis, to reveal dependencies among business functions, IT, and Data Offices throughout the project's lifecycle. This is achieved through a set of clearly defined deliverables for each iteration.
Main deliverables completed in the steps of the Implementation Process ( as in above chart) are briefly detailed hereunder:
- Shift to Agile Methodology
- Strong Program Mgt. through Tools and RACI matrix
- Clear business value-oriented steering
- Involve all departments from an early stage
- Prioritize business requirements for the defined scope (reporting, calculation etc.).
- Shared approach between departments to align on data needs and terminology.
- Scrutinize the overall solution design and data architecture supporting the calculation, transformation and aggregation of in-scope metrics and relevant underlying data elements.
- Clearly identify which data is needed for what purpose and when (e.g. frequency, SLA).
- Specify technical requirements to ensure metrics and underlying data are accurately transformed and aggregated.
- Ensure that data is available at the correct level of granularity for aggregation and reporting.
- Draft strong documentation
- Refine data models and system architecture to simplify the overall calculation and reporting processes, eliminating potential inefficiencies and silos.
- Investigate root cause of Data Quality issues stemming from poor data model design and provide recommendations on remediation plans.
- Establish the single most trusted version of any data that is to be used consistently across multiple systems / applications and/or processes.
- Streamline testing activities to leverage synergies across the data lifecycle.
- Powerful Finalyse inhouse data validation platform ready to use in your organization.
- Define functional and technical test-case to be executed by each participant in all steps of the data delivery.
- Define an overarching control framework that covers the breadth of the reporting process and the entirety of the data lifecycle.
- Build robust risk and finance data reconciliation processes
- Institute forums to ensure effective communication around Data Quality issues and dimensions (accuracy, completeness, uniqueness,..).
- Define what compliance means to you (BCBS239 and DAMA DMBoK principles leaves room for a tailored approach)
- Finalyse hands-on toolkit to assess and monitor data quality framework
Key Features
- A hands-on top-down approach focusing on business value, shared across the departments involved in the project (Risk, Finance, IT, Data Offices).
- Data Governance framework documenting Roles and Responsibilities through a RACI matrix that enable ownership through your entire data life-cycle.
- Providing a holistic assessment of the entire data delivery process ensuring that critical data elements are accurately transformed and aggregated through an optimized reporting stream.
- Build trust in your data by using our powerful inhouse data validation platform to streamline testing activities.
- An efficient Data Quality Framework by shaping our monitoring toolkit and quality risk metrics based on your challenges.
Our subject matter experts
Through his consultancy career, Thomas has developed a sharp expertise in financial products, data quality, processes and (regulatory) reporting. He has gained thorough experience in data modelling techniques and reporting tools when building Data Warehouse / Datamart projects & Reporting Framework for the Market Risk & ALM departments of several banking institutions. He developed a strong experience in BCBS 239 implementation projects, tackling data quality issues and putting in place data governance framework.
Hugo is a Managing Consultant in Finalyse Brussels. He has a wide knowledge and expertise in financial products, valuation algorithms, reporting and regulatory issues. He combines in depth knowledge of banking financial risks and regulations with a wide understanding of the data, IT infrastructure and processes underneath. Hugo has been involved in multiple Risk and Regulatory Reporting implementation projects such as RWA calculation for credit risk, EAD calculation under SACCR, automation of internal reports for ALM and implementation of data governance to comply with BCBS239. Hugo is an experienced Agile project manager who stands-out for his dynamism, adaptability and interpersonal skills.
Maria Nefrou is a Managing Risk Consultant in Finalyse Brussels with extensive experience in Data Management, having recently acted as Program Manager for the BCBS 239 Implementation at a major Dutch bank, steering upon main stakeholders and reporting to management and the regulator. Maria has a more than 10 years of experience in Banking, particularly on Risk and Regulatory reporting. She has taken up different roles related to: Business Implementation Management; QRM Reporting Implementation; Enablement of Credit Risk models (PD, LGD, EAD) for IFRS 9 purposes (ECL, SICR) using SAS while performing quality controls and acting as a Process Manager within the project team.
Manfredo is a Senior Risk Consultant in Finalyse Brussels with experience in the financial sector working for several banks and insurance companies. He has wide experience with Pillar I (S2, CRR2) and Pillar III solutions, as well as BCBS 239. Manfredo has been recently busy in the KBC Group Risk department as a business analyst in the context of a group-wide program to enhance the Data Quality of the regulatory reporting and calculations Manfredo is a Project Manager and certified SAFe Agile Scrum Master.