By Raj Kolluri, Vice President, Development
Business requirements are constantly evolving and banks and financial institutions are taking advantage of technology to streamline their data governance processes. A good data governance framework integrates both old and new solutions in order to meet increasingly growing and changing business needs.
Implementing a comprehensive data governance program is a three-pronged process that requires:
- A proper framework that identifies the roles and responsibilities of the team, establishes the right policy, and recognizes the correct tools and data requirements
- An operational process to identify inventories, metrics, standards, processes, procedures and data quality reporting
- Key metrics to measure success – these include adoption of common language for data elements along with data cleansing routines and compliance to policy
Building a comprehensive data governance program can pose certain challenges. For one, most organizations have both on-premise and SaaS applications. In addition to that, many institutions have a centralized governance program with decentralized applications. Lastly, there is also the need to coordinate between different vendors who expect granular details including metadata. These issues can become significant obstacles to overcome for any financial institution, big or small, when working towards achieving a comprehensive solution between on-premise and SaaS applications.
A current client of SS&C Primatics who has both on-premise and SaaS applications experienced similar challenges while building their data governance program. However, by leveraging the EVOLV SaaS-based platform to interface with their existing servicing system, the client can now successfully perform complex accounting and reserving processes. Furthermore, EVOLV’s open data API enables seamless integration of data lineage with their institution’s data governance toolset creating one centralized location for both their on-premise and SaaS applications.
Ultimately, it is crucial for financial institutions to choose a SaaS platform that not only exposes and captures data transformations within a central data lineage framework but also shares data and its lineage based on open API standards. The data governance platform should support API-based integration, link to a variety of data sources and applications, and be technology agnostic to ultimately meet financial and business standard requirements.
For more information on EVOLV and choosing the right platform, click here.