Project Background

Recognizing the need to advance its Data Management and Governance processes to keep pace with evolving industry standards and technological advancements, the Client, a Fortune 500 financial services company, initiated a strategic transformation of its Data Management operations. The primary goal was to refine the maturity of Information Governance and move towards automated solutions for operational efficiency. This initiative was crucial for maintaining the Client's position as a leader in providing unmatched financial services to its members.

Why Premier

Premier International was selected for this pivotal project due to its proven expertise in delivering Data Management and Governance advisory services and solutions. The Client was confident that Premier's extensive experience transforming large-scale enterprises through strategic data management initiatives would meet the complex business and regulatory needs.

Deliverables

The collaboration between the Client and Premier centered around several critical deliverables designed to enhance governance and maximize data utility:

  1. Strategic Roadmap Development: Collaborating on a roadmap aligning with the Client's business model to fortify Information Governance, Risk and Compliance
  2. Data Governance Policies and Standards: Creating initial requirements and annual review process to align requirements with procedures for a democratized hub-and-spoke data management model across the enterprise
  3. Data Management Capability Assessment Model (DCAM): Initiating and implementing a DCAM maturity model assessment process that enables performance benchmarking and guides future improvements
  4. Sensitive Data Management Playbook: Development of policies linking data governance with regulatory, legal, and IT requirements, reinforced through an enrichment of their Data Privacy policies

Outcomes

As a result of this strategic initiative, the Client's data management capabilities now enable process automation that streamlines operations with increased quality. The democratized hub-and-spoke model also considers the data management landscape when implementing standards, processes, and procedures. With the fundamentals of Data Stewardship, Metadata Management, and Data Quality Management in place, the Client can take Data Lineage, MDM/RDM, Sensitive Data Management, Report Certification, and Privacy capabilities to the next level.

The implementation of these strategic initiatives resulted in transformative outcomes:

  • Enhanced Data Governance: The enhanced standards and playbooks transitioned an inadequate command-and-control model to a democratized hub-and-spoke framework, accelerating decision-making and reducing compliance risk.
  • Operational Efficiency: The introduction of improved data intelligence and automation, facilitated by the transition from legacy IBM platforms to Alation, has streamlined internal and external data practices, reducing response times and manual workload.
  • Regulatory Compliance: The initiative strengthened adherence to regulatory requirements, especially in managing sensitive data and privacy compliance
  • Improved Data Utilization: Advanced governance and management frameworks have streamlined operations, enhanced decision-making capabilities, and enabled foundational opportunities for advanced AI/ML solutions. 

In summary, the partnership fortified the Client's data management capabilities and set leading practices in the financial services industry for data governance and operational efficiency. Through strategic planning and execution of this data management initiative, the Client has demonstrated its commitment to maintaining trust and delivering value to its members, reinforcing its position as a trusted leader in the financial sector.