Regulatory requirements have massively ramped up the pressure throughout the financial sector. Competitors want to secure their share of the market. The hype of digitization calls for innovative strategies. All manner of risks are multiplying exponentially... They’re all important considerations to bear in mind when identifying reliable and sustainable data governance solutions.
In recent years, many system-relevant banks have already launched, successfully implemented or are in the process of implementing a number of major projects related to data governance. The challenge is now transforming the activities related to banks’ data governance projects into a permanent line management responsibility with established processes and functions that work.
Some smaller non-system-relevant banks, on the other hand, still have some catching up to do when it comes to data governance basics. The situation may range from "we only have a rudimentary amount of data" to large-scale projects that have been completed.
It’s often a matter of integrating the work that’s been done into the day-to-day and ongoing business processes. After all, BCBS 239 and MaRisk are not only regulations, but tremendous opportunities for banks to transform data into a new and powerful corporate value.
What’s the status quo?
- Have you started harnessing the potential of your data?
- Do you monitor the quality of your data?
- Do you map the lifecycle of your data?
- How do you deal with change in data and new data requirements?
- Do you understand the purpose and the content of your reporting?
- Do you know who is responsible for it?
- How digital have you gone?
- What strategies are you pursuing?
The key factor here is not the regulatory system, your objectives for the future are!