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Creating a Custom Data Governance Framework for a Regional Bank

Creating a Custom Data Governance Framework for a Regional Bank

SolomonEdwards partnered with a $20 billion regional bank to design and implement a customized data governance framework and establish a Data Governance Program Management Office to drive business value, mitigate risk and achieve regulatory compliance.

Challenge

A $20 billion regional bank sought our assistance to design and implement a data governance and management operational framework to navigate a complex business and technical environment involving over 125 applications and sensitive customer and company data. The bank’s leadership aimed to develop an operational framework that aligned with strategic objectives, demonstrating clear business value while ensuring compliance with regulatory standards.

The fragmented nature of the bank’s data landscape, combined with the absence of standardized roles and processes for managing data across departments, posed significant risks. With growing regulatory scrutiny and a need to maximize data as an asset, the bank required an extensible solution tailored to its unique needs.

Solution

We designed a custom, fit-for-purpose data governance framework, based on leading practice to document the value of the data program and comprehensively define data workstreams for data governance and management and document activities to be performed by phase. Key activities to facilitate the new framework included:

  • Established a Data Governance Program Management Office to coordinate and oversee data governance initiatives.
  • Defined data roles and responsibilities for data owners and data stewards for each business unit and department, in addition to the enterprise
  • Created deliverable templates for each phase and workstream
  • Developed yearly roadmaps and annual workplans for framework implementation

Outcome

The engagement produced a transformational data governance framework that empowered the bank to strategically manage its data assets while achieving regulatory compliance. Key results included:

  • A clearly documented framework that outlined resources, initiatives, dependencies, and timing, enabling leadership to communicate the data strategy effectively to stakeholders.
  • A robust governance structure with defined roles for data owners and stewards, ensuring accountability and streamlined processes across business units.
  • Tools and templates that simplified execution, enhanced efficiency and facilitated discussions with stakeholders.
  • Comprehensive documentation of the business value delivered by the data governance program, which supported decision-making and reinforced trust with regulators and auditors.

 

Furthermore, this initiative positioned the bank as a data-driven organization, balancing strategic growth with robust risk mitigation in a rapidly evolving regulatory landscape.

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