As banks continue to work diligently to build sustainable data governance for CCAR, many of them are finding that a mind shift is required. It’s no longer sufficient to think in terms of data management. For banks to ensure that they can efficiently sustain regulatory compliance now and in the future, they need to shift their thinking to focus on data governance. And this shift in thinking requires a different set of capabilities than the ones they likely have in place today.
Many other vendors on the market today provide sets of capabilities that help you manage your data. But they provide these capabilities piecemeal. Some provide a data glossary, data lineage and traceability, reference data, and master data management capabilities. Others may deliver the ability to manage critical data elements, metadata, and data quality testing. And still others focus on data dictionaries, controls, and report catalogs. These solutions do provide value in their own right. But they usually aren’t user-friendly. And they don’t connect to each other. Data lineage is separate from metadata. Data quality results don’t connect to the data dictionary. The processes are separate and impossible for data stewards to manage effectively. And on top of all that, many of these tools are built with technical users in mind. They are not designed to be easy for the business data steward to use. To truly get ahead of regulatory compliance – and to have a sustainable process in place – you need more.
The best data governance platforms provide all of these capabilities together in one easy-to-use, comprehensive solution. They can connect to your other systems in an automated and integrated way. They enable you to replace your Excel, Sharepoint, and meeting-intensive processes with ones that are automated, so you can focus your meetings on the most important decisions at hand. And they connect your business users to the data in a way that is usable.
So how do you know if your data governance platform checks all the boxes? We’ve created a simple checklist of six must-haves for you to review.
1. CCAR Reporting: every CCAR bank needs this one The best data governance platforms deliver the FRB’s FR Y 14 M/Q/A and FR Y 9C schedule and data points definitions.