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A national financial services company providing institutional, commercial and mortgage banking services faced significant challenges in managing and governing its vast data ecosystem. The initial project aimed at creating a data governance framework but quickly evolved into a record retention project to ensure a structured and compliant approach to data management and reduce operational vulnerabilities. We worked with the client to address multifaceted challenges involving discrepancies in data organization, compliance complexities across more than 100 applications, and software limitations.
We collaborated with the bank to design and implement a robust data governance framework and record retention work stream, starting with the development of a comprehensive data governance framework to streamline data organization by domain and sub-domain. This foundational step established clarity and structure in managing the bank’s vast data ecosystem.
Subsequently, the team implemented a record retention schedule Virgo software from Access. This process involved identifying data owners, mapping data to relevant laws and regulations, and determining appropriate data retention periods. We also performed rigorous testing and compliance to validate the ability to delete data as established by the retention schedule, while ensuring audit trails containing personal information were purged.
Addressing software limitations required close collaboration with the vendor to resolve issues and ensure accurate data mapping and retention processes. By breaking the implementation into manageable phases, or tranches, the team was able to systematically work through various challenges.
The implementation of the data governance framework and record retention schedule yielded transformative results for our client. The framework ensured adherence to complex legal and regulatory requirements, significantly reducing the risk of penalties. By organizing data by domain and sub-domain, workflows were streamlined, resulting in improved operational efficiency. The framework proved to be scalable and adaptable, ensuring it could evolve along with the bank’s needs.
The initiative also delivered substantial cost savings by enabling compliant data deletion processes and mitigating long-term financial risks associated with data storage. The phased approach laid the groundwork for future updates, with the retention schedule set for annual reviews to accommodate regulatory changes. After establishing a strong record retention foundation, we were able to work through subsequent tranches at an accelerated pace.