This document discusses applying lean principles to data quality management (DQM) and risk/compliance reporting. It describes lean DQM as focusing on reducing waste by minimizing time spent building unwanted solutions through shorter iterations, prototyping, and a build-measure-learn cycle. A lean approach pairs data quality specialists and business users to prototype reports/dashboards and get early, actionable feedback. This validates requirements and priorities before full implementation. The document demonstrates this approach using tools like X88 Pandora and Tableau to prototype risk reporting by financial instrument, region, and industry sector to meet new regulatory requirements.
The future of financial modelling and its governanceEmilie Pons
Model Governance has a rising role for Investment Banks, as managing models from the design to the monitoring, has progressively been regulated by supra-national authorities. The number of models has grown steadily in the past years, thanks to new technologies, data volume and their implementation in non-financial processes (HR or marketing). Hence, the EBA will require a certain level of harmonisation between banks, involving further costs and increasing the pressure in a low-margin environment.
- CH&Co. developed a prioritisation process of models in order to assess the adequacy between a bank’s strategy and its quantitative efforts
- CH&Co. can help the bank in its modelling strategy, the several construction steps required in a model and the strenuous European documentation/validation process
Front office Regulatory compliance and optimisationEmilie Pons
• CH&Co. is focused on revenue growth, cost reduction, risk compliance and scarce resources optimisation
• It can intervene at the Front Office level (CRM, Order Management, controls and projections) or at the Full Value Chain level (Governance, TOM, regulatory watch).
Speed, expertise and performance: The BPaaS advantage for commercial lendersGenpact Ltd
Equipment manufacturers are facing a host of challenges that seriously impede profitability. Excess equipment supply is driving up competition, resulting in plummeting margins and sales volumes. Profitability seems to come at a cost, with new and expanding regulations driving up the price of doing business and requiring more of an organization’s resources to comply. Despite the breadth of these challenges, many companies are finding ways to outcompete in a demanding market space.
Automation: an avant-garde opportunity for banks to be cost and time efficient Emilie Pons
If you are asking yourself questions about applicable innovations for the financial services, our short presentation highlights key areas where you, or to a larger extent, the bank, could gain by smartly optimising or innovating.
• KYC – Know Your Customer optimisation thanks to blockchain & Robotic Process Automation
• Digital KPI/mail & time optimisation: achievements and perspectives
• Loan factory: building a cost-efficient consortium to streamline the industry
In a business environment were IT projects are more difficult to source, and business have more requirements than IT could handle, a disruptive approach is required. With our true no-code platform WEM (wem.io) we are able to develop business apllications 10x faster than traditional software development.
The future of financial modelling and its governanceEmilie Pons
Model Governance has a rising role for Investment Banks, as managing models from the design to the monitoring, has progressively been regulated by supra-national authorities. The number of models has grown steadily in the past years, thanks to new technologies, data volume and their implementation in non-financial processes (HR or marketing). Hence, the EBA will require a certain level of harmonisation between banks, involving further costs and increasing the pressure in a low-margin environment.
- CH&Co. developed a prioritisation process of models in order to assess the adequacy between a bank’s strategy and its quantitative efforts
- CH&Co. can help the bank in its modelling strategy, the several construction steps required in a model and the strenuous European documentation/validation process
Front office Regulatory compliance and optimisationEmilie Pons
• CH&Co. is focused on revenue growth, cost reduction, risk compliance and scarce resources optimisation
• It can intervene at the Front Office level (CRM, Order Management, controls and projections) or at the Full Value Chain level (Governance, TOM, regulatory watch).
Speed, expertise and performance: The BPaaS advantage for commercial lendersGenpact Ltd
Equipment manufacturers are facing a host of challenges that seriously impede profitability. Excess equipment supply is driving up competition, resulting in plummeting margins and sales volumes. Profitability seems to come at a cost, with new and expanding regulations driving up the price of doing business and requiring more of an organization’s resources to comply. Despite the breadth of these challenges, many companies are finding ways to outcompete in a demanding market space.
Automation: an avant-garde opportunity for banks to be cost and time efficient Emilie Pons
If you are asking yourself questions about applicable innovations for the financial services, our short presentation highlights key areas where you, or to a larger extent, the bank, could gain by smartly optimising or innovating.
• KYC – Know Your Customer optimisation thanks to blockchain & Robotic Process Automation
• Digital KPI/mail & time optimisation: achievements and perspectives
• Loan factory: building a cost-efficient consortium to streamline the industry
In a business environment were IT projects are more difficult to source, and business have more requirements than IT could handle, a disruptive approach is required. With our true no-code platform WEM (wem.io) we are able to develop business apllications 10x faster than traditional software development.
Our business partner and insurance operations expert, Rob Berg, will show you how he helped a major insurance company reducing costs and cycle time using Trisotech Digital Enterprise Suite through process simulation.
In this webinar, analysts, architects and other subject matter experts will learn how to:
- Generate defensible data to make clear and objective decisions
- Accurately model the way things are and the way you would like them to be
- Apply real-life data to process models
- Bring a static model to life by simulating the impact of process changes
If you’re looking to streamline sales cycles, increase deal sizes, eliminate risk from your
financial agreements, and improve collaboration between Sales, Finance, Legal, and
Operations, you’ve come to the right place...! Experience the next-generation of Solution platform value vs just looking at CPQ or CLM. In this guide, you will find a step-by-step overview of the Quote-to-Cash process, and the
challenges—and opportunities—of each stage, so you can manage the Quote-to-Cash
process more proactively, and take the steps needed to drive better business results.
Intelligent finance operations provide competitive edge to enterprisesGenpact Ltd
Looking to transform your finance operations? Genpact designs and runs intelligent finance operations that integrate technology and analytics to achieve competitive edge.
Finance Transformation - Best Practices for Accounting and Control - Hernan H...Hernan Huwyler, MBA CPA
How to develop efficient accounting and operational controls as part of a finance transformation initiative. Ideas to streamline the accounting function to improved levels of productivity and faster reporting.
Acquiring capacity for understanding key business activities in the environments and developing appropriate action points for business and organisational excellence.
Vendor Management Best Practices: Is Your Program Up to Par?EDR
Vendor Management Best Practices: Is Your Program Up to Par?
Webinar presented by Scott Roller, former head of vendor management at Citigroup
August 12, 2015
Among the top challenges lenders face today is the need to meet higher expectations set by the OCC and the Federal Reserve governing the use of third-party vendors. While the guidelines were released over a year ago, there is still confusion about what institutions should be doing.
One thing, however, is certain. Effective vendor management takes resources, and many institutions are finding it necessary to add staff and/or technology to help with the cause, particularly smaller institutions. The regulators have made it clear, vendor management is not just a one-time assessment, but is an ongoing process, and monitoring vendors long term is as important as the initial due diligence.
EDR is pleased to host a webinar on this timely topic on Wednesday, August 12, 2015 at 2:00 p.m. EST. Scott Roller, former head of vendor management at Citigroup, will provide clarity on the new regulations and help break down regulator expectations into easy-to-understand terms. Roller will explore key dimensions that attendees can use as the foundation for building out their own robust vendor management oversight program, from initial vendor risk classification all the way through ensuring adequate executive engagement in vendor management.
Attendees will learn best practices for satisfying regulators with this educational workshop, including answers to the following:
• What does the latest regulatory guidance on vendor management require?
• What are the biggest headaches banks are facing in complying with them?
• What advice is recommended for smaller banks struggling with limited manpower/resources?
• What are bank examiners looking for during audits?
• What are the latest best practices for policies and procedures?
• How are banks coping with the need to track and monitor vendors?
• What are the most common shortcomings that audits reveal?
Slides Dominic Gadoury recently used in his discussion w/ mentees of The Product Mentor.
The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People.
Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community.
http://TheProductMentor.com
Greater competitiveness, productivity and service excellence through an ERP s...Mindtree Ltd.
Mindtree implemented an SAP ERP solution for the engineering division of a leading conglomerate headquartered in the Middle East. By doing so, we improved market reach and effectiveness while reducing costs.
P.I. Elsas & J. Gangolly: Enterprise-level Process Documentation incorporating Automatic Audit Analytics, Biennial Deloitte / University of Kansas Auditing Symposium, Lawrence, Kansas, USA, May 2008 (invited keynote)
EDR Webinar
Presented by June Jewell, CPA, President AEC Business Solutions
November 18, 2015
Project Managers (PMs) are the key to a professional services firm’s success. Yet many firms promote technical people into roles they are not prepared or ready for. As a result, project profitability suffers and there is frustration at every level of the organization. By enabling project managers, through financial and systems training, automation, and accountability measures, the firm’s profit margins can increase substantially.
In this webinar, attendees will be able to:
-Evaluate the challenges that cause many Project Managers to struggle with project profitability
-Understand the reasons that projects go over budget
-Review the financial aspects of project management that Project Managers need to know to be successful
-Learn how technology can help Project Managers deliver more profitable projects
-Develop some best practices to help Project Managers succeed
Speaker
June R. Jewell, CPA, President AEC Business Solutions
Jewell, a thought leader and expert in AEC firm profitability, has more than 28 years of business management consulting experience, and unsurpassed knowledge of the AEC industry. In addition to this role, she is the original founder and current strategic advisor of Acuity Business Solutions, a Deltek Premier Partner and consulting firm that works with AEC firms to support business profitability through web-based enterprise management technology.
She is the Amazon best-selling author of the book “Find The Lost Dollars: 6 Steps to Increase Profits in Architecture, Engineering and Environmental Firms.” Jewell has built and run a successful consulting practice, and is a highly sought after speaker at industry events and conferences. Her past speaking engagements include AIA, ACEC, SMPS, Design and Construction Network (DCN), Society for Design Administration (SDA), Zweig Group (formerly ZweigWhite), PSMJ, ROG Growth and Ownership Conference, Project Management Institute (PMI), Deltek Insight and Business of Architecture (BOA).
Merging desks: Shared Service Management at SDI 2015TOPdesk
Co-founder of TOPdesk Wolter Smit will be discussing the concept of sharing services and using IT to facilitate interdepartmental collaboration. This keynote draws on research conducted by SDI and their report entitled 'Merging Desks, Shared Service Management'. Key findings from this research will be expanded upon and illustrated with real-world experiences of implementations at a variety of organisations. - Wolter Smit and Sumit De, SDI Conference 2015
Our business partner and insurance operations expert, Rob Berg, will show you how he helped a major insurance company reducing costs and cycle time using Trisotech Digital Enterprise Suite through process simulation.
In this webinar, analysts, architects and other subject matter experts will learn how to:
- Generate defensible data to make clear and objective decisions
- Accurately model the way things are and the way you would like them to be
- Apply real-life data to process models
- Bring a static model to life by simulating the impact of process changes
If you’re looking to streamline sales cycles, increase deal sizes, eliminate risk from your
financial agreements, and improve collaboration between Sales, Finance, Legal, and
Operations, you’ve come to the right place...! Experience the next-generation of Solution platform value vs just looking at CPQ or CLM. In this guide, you will find a step-by-step overview of the Quote-to-Cash process, and the
challenges—and opportunities—of each stage, so you can manage the Quote-to-Cash
process more proactively, and take the steps needed to drive better business results.
Intelligent finance operations provide competitive edge to enterprisesGenpact Ltd
Looking to transform your finance operations? Genpact designs and runs intelligent finance operations that integrate technology and analytics to achieve competitive edge.
Finance Transformation - Best Practices for Accounting and Control - Hernan H...Hernan Huwyler, MBA CPA
How to develop efficient accounting and operational controls as part of a finance transformation initiative. Ideas to streamline the accounting function to improved levels of productivity and faster reporting.
Acquiring capacity for understanding key business activities in the environments and developing appropriate action points for business and organisational excellence.
Vendor Management Best Practices: Is Your Program Up to Par?EDR
Vendor Management Best Practices: Is Your Program Up to Par?
Webinar presented by Scott Roller, former head of vendor management at Citigroup
August 12, 2015
Among the top challenges lenders face today is the need to meet higher expectations set by the OCC and the Federal Reserve governing the use of third-party vendors. While the guidelines were released over a year ago, there is still confusion about what institutions should be doing.
One thing, however, is certain. Effective vendor management takes resources, and many institutions are finding it necessary to add staff and/or technology to help with the cause, particularly smaller institutions. The regulators have made it clear, vendor management is not just a one-time assessment, but is an ongoing process, and monitoring vendors long term is as important as the initial due diligence.
EDR is pleased to host a webinar on this timely topic on Wednesday, August 12, 2015 at 2:00 p.m. EST. Scott Roller, former head of vendor management at Citigroup, will provide clarity on the new regulations and help break down regulator expectations into easy-to-understand terms. Roller will explore key dimensions that attendees can use as the foundation for building out their own robust vendor management oversight program, from initial vendor risk classification all the way through ensuring adequate executive engagement in vendor management.
Attendees will learn best practices for satisfying regulators with this educational workshop, including answers to the following:
• What does the latest regulatory guidance on vendor management require?
• What are the biggest headaches banks are facing in complying with them?
• What advice is recommended for smaller banks struggling with limited manpower/resources?
• What are bank examiners looking for during audits?
• What are the latest best practices for policies and procedures?
• How are banks coping with the need to track and monitor vendors?
• What are the most common shortcomings that audits reveal?
Slides Dominic Gadoury recently used in his discussion w/ mentees of The Product Mentor.
The Product Mentor is a program designed to pair Product Mentors and Mentees from around the World, across all industries, from start-up to enterprise, guided by the fundamental goals…Better Decisions. Better Products. Better Product People.
Throughout the program, each mentor leads a conversation in an area of their expertise that is live streamed and available to both mentee and the broader product community.
http://TheProductMentor.com
Greater competitiveness, productivity and service excellence through an ERP s...Mindtree Ltd.
Mindtree implemented an SAP ERP solution for the engineering division of a leading conglomerate headquartered in the Middle East. By doing so, we improved market reach and effectiveness while reducing costs.
P.I. Elsas & J. Gangolly: Enterprise-level Process Documentation incorporating Automatic Audit Analytics, Biennial Deloitte / University of Kansas Auditing Symposium, Lawrence, Kansas, USA, May 2008 (invited keynote)
EDR Webinar
Presented by June Jewell, CPA, President AEC Business Solutions
November 18, 2015
Project Managers (PMs) are the key to a professional services firm’s success. Yet many firms promote technical people into roles they are not prepared or ready for. As a result, project profitability suffers and there is frustration at every level of the organization. By enabling project managers, through financial and systems training, automation, and accountability measures, the firm’s profit margins can increase substantially.
In this webinar, attendees will be able to:
-Evaluate the challenges that cause many Project Managers to struggle with project profitability
-Understand the reasons that projects go over budget
-Review the financial aspects of project management that Project Managers need to know to be successful
-Learn how technology can help Project Managers deliver more profitable projects
-Develop some best practices to help Project Managers succeed
Speaker
June R. Jewell, CPA, President AEC Business Solutions
Jewell, a thought leader and expert in AEC firm profitability, has more than 28 years of business management consulting experience, and unsurpassed knowledge of the AEC industry. In addition to this role, she is the original founder and current strategic advisor of Acuity Business Solutions, a Deltek Premier Partner and consulting firm that works with AEC firms to support business profitability through web-based enterprise management technology.
She is the Amazon best-selling author of the book “Find The Lost Dollars: 6 Steps to Increase Profits in Architecture, Engineering and Environmental Firms.” Jewell has built and run a successful consulting practice, and is a highly sought after speaker at industry events and conferences. Her past speaking engagements include AIA, ACEC, SMPS, Design and Construction Network (DCN), Society for Design Administration (SDA), Zweig Group (formerly ZweigWhite), PSMJ, ROG Growth and Ownership Conference, Project Management Institute (PMI), Deltek Insight and Business of Architecture (BOA).
Merging desks: Shared Service Management at SDI 2015TOPdesk
Co-founder of TOPdesk Wolter Smit will be discussing the concept of sharing services and using IT to facilitate interdepartmental collaboration. This keynote draws on research conducted by SDI and their report entitled 'Merging Desks, Shared Service Management'. Key findings from this research will be expanded upon and illustrated with real-world experiences of implementations at a variety of organisations. - Wolter Smit and Sumit De, SDI Conference 2015
Predictive analytics are increasingly a must-have competitive tool. A well-defined workflow and effective decision modeling approach ensures that the right predictive analytic models get built and deployed.
Nicolas Schobinger | Business Transformation Academy - Post Merger Integratio...Nicolas Schobinger
This presentation was given to the European Business Transformation Conference, an event of the Business Transformation Academy (www.bta-online.com). The overall topic of the event was “Post-Merger Integration”, which is one of the main triggers for business transformation.
The case study presented is the one of SAP's own integration of acquired BusinessObjects. The presenter was leading the worldwide PMO for the Day 1 PMI phase.
Read on to:
1. Understand how strategic dashboards are different from other types of dashboards and how it tells the story of KPIs, actions, risks, objectives by linking strategy to operations.
2. Know the role of analytics in strategic business dashboards are a mainstay in today's business and How to build agility into your strategic dashboards.
3. Get to know the two fundamental ways of building dashboards and their differences.
4. Understand the difference between Technology stack and a business solution.
The PPT also contains a demonstration of a strategic dashboard solution.
Expert data analytics prove to be highly transformative when applied in context to corporate business strategies.
This webinar covers various approaches and strategies that will give you a detailed insight into planning and executing your Data Analytics projects.
Copy and paste to access the full recording: http://www.castsoftware.com/news-events/event/gartner-technical-debt?gad=ss
-------------------------------------------------------
In this webinar David Norton of Gartner Research discusses recent findings on Technical Debt that estimates industry IT debt is at $500 billion—and on target to reach $1 trillion by 2015. He also talks about the importance of Software Analysis & Measurement to manage Technical Debt, how to measure debt continuously to control TCO of the application lifecycle and include debt measurement in project management and prioritization.
Customer-Centric Data Management for Better Customer ExperiencesInformatica
With consumer and business buyer expectations growing exponentially, more businesses are competing on the basis of customer experience. But executing preferred customer experiences requires data about who your customers are today and what will they likely need in the future. Every business can benefit from an AI-powered master data management platform to supply this information to line-of-business owners so they can execute great experiences at scale. This same need is true from an internal business process perspective as well. For example, many businesses require better data management practices to deliver preferred employee experiences. Informatica provides an MDM platform to solve for these examples and more.
Customer-Centric Data Management for Better Customer ExperiencesInformatica
With consumer and business buyer expectations growing exponentially, more businesses are competing on the basis of customer experience. But executing preferred customer experiences requires data about who your customers are today and what will they likely need in the future. Every business can benefit from an AI-powered master data management platform to supply this information to line-of-business owners so they can execute great experiences at scale. This same need is true from an internal business process perspective as well. For example, many businesses require better data management practices to deliver preferred employee experiences. Informatica provides an MDM platform to solve for these examples and more.
La Importancia del Análisis de la InformaciónNexolution
Estudios demuestran que las empresas que aplican la analítica obtienen unos resultados mejores que los de sus iguales. Y aquellas organizaciones con un alto Cociente Analítico es decir, con una filosofía general basada en analítica, tienen un rendimiento medio tres veces superior.
La analítica de negocio permite que su organización identifique las tendencias y los patrones sutiles de modo que pueda anticiparse y controlar los acontecimientos para mejorar los resultados.
Lo invitamos a ver nuestro webcast "La importancia del análisis de la información para la toma de decisiones", donde le mostraremos:
- En qué están invirtiendo las empresas actualmente para optimizar su desempeño
- Descubra cómo lograr un análisis profundo de la información para la mejor toma de decisiones a través de una estrategia de Analítica de Negocios
- Analice el grado analítico de su empresa para la toma de decisiones
Presentador: Sergio Velazquez
Información de las soluciones: informacion@nexolution.com
1. How to Apply Lean DQM principles
for smarter delivery of risk and
compliance reporting
2. Data to Value Ltd. introduction
5 Core practice areas
Lean Information Management
Specialists
Expert users of Technology
accelerators for bridging
technology & business Data gap
Strategy &
Architecture
Governance
&
Management
InsightModelling
Quality
LEAN
INFORMATION
MANAGEMENT
3. What is Lean in the context of IM?
Originated in manufacturing before
adoption in other areas including:
Software Development (Extreme
Programming)
Process optimisation (Six Sigma)
Project Management (Agile, Scrum
etc.)
Business startups
Focus on reducing waste
Key mantra is minimising time
spent on building solutions
customers do not want
Lean
Information
Management
Shorter
iterations
Prototyping
& Minimum
Viable
Products
Build-
Measure-
Learn cycle
Early
adopters
Cross
functional
teams
Actionable
metrics
4. Traditional DQM & report
development approach
Requirements
Design
Implementation
Testing
Structured approach with clearly
delineated stages &
responsibilities
Numerous interfaces &
touchpoints between specialists
e.g. ‘IT’ & ‘the business’
Fully tested ‘product’ delivered at
the end of the project
What happens if:
Requirements change?
Deadlines move?
The customer doesn’t know what they
want?
6. Lean approach - architecture
Real-time
connectivity
Disparate Files
& Databases
analysed
Data Sources
Prototyped reports
& dashboards
- Funds
- Securities
- Clients
- Trades
- Portfolios / Books
- Valuations /
Prices
- …
Cleanse
Parse
Standardise
Validated
feedback from
business users
achieved by
prototypingIssues, Insights and actions fed
back into cycle
Data
Prototyping
Data
Profiling
Data
Modelling
Our approach & toolset is proven at helping clients to extract more value
from existing and prospective datasets
Document
Reverse
Engineer Discover
Transform
7. Lean approach – pairing &
presentation
Data Quality
Management
Data Prototyping
Key performance indicators for
Data Quality SMEs
Bottom up DQ
Prototyped dashboards for
Business stakeholder SMEs
Top down DQ
9. New financial regulations often have
long lead times & undergo many peer
reviews / amendments
No longer enough to simply provide
data - must be able to understand &
articulate end to end process too e.g.
BCBS 239
Financial Markets data landscape
semantically diverse
Firms often leave difficult challenges
to end of process
Use case - risk & compliance reporting
Hypothetical
requirement to report &
demonstrate analysis
of trading risk by:
• Financial
Instrument Type
(Asset Class)
• Geographic Region
• Industry sector
2012 20192016
FATCA / IFRS
AMLD IV
Solvency II
EMIR
UCITS V
10. Passionate, Innovative, Lean
Lean Information Management specialists
93 Western Road
Tring
Hertfordshire
HP23 4BN
T +44 (0) 208 278 7351
www.datatovalue.co.uk
Nigel Higgs
nigel.higgs@datatovalue.co.uk
James Phare
james.phare@datatovalue.co.uk
Editor's Notes
1
Cofounder, London-based IM consultancy. Help clients apply Lean IM techniques to maximise value of data & info assets. Specialise primarily in Financial Services but also undertake work in other sectors.
Previous experience – Reuters, Group Head of DA & IM @ Man – one of worlds largest alternative asset managers.
5 core practice areas – Consultants are cross functional (trained in fundamentals of all areas) -- recognition of interconnected nature of discipline.
Lots of disruptive things happening in data space at present e.g. Data Science Hackathons. Appetite to do things in a faster, more iterative & collaborative way. We are interested in lean because we see this as a vehicle for meeting these demands.
Manufacturing Origins
Lots written about – not a new idea, but relatively new to IM field.
Focus on waste, maximising outputs from inputs & minimising non-value add activities. Lots of interest recently with lean startup – applying learnings to tech & other startups.
Examples of waste in IM:
Defects (e.g. data quality issues)
Excessive production / engineering (e.g. developing data architectures, approaches or solutions not demanded by customers)
Over-processing (e.g. implementing overlapping data quality checks, reporting solutions etc.)
Duplication (e.g. maintaining the same data or information in different forms)
Excessive motion (e.g. unnecessary transport / integration of data assets)
Missed insight, opportunity or potential (e.g. missing sales opportunities through incomplete data)
Rework & delays (e.g. repeatedly defining the same datasets and requirements or sourcing the same type of data)
Complexity (e.g. overly complicated data architectures)
Risk (e.g. unnecessary operational, reputational, legal, financial and other risks emanating from poor IM)
Talk through spokes….Designed to minimise this waste – is something we apply to all IM initiatives we undertake, including DQM.
Linear segregated stages & responsibilities. Traditional approach for reporting usually involves data warehouse, data mart or other database delivered at end with reporting tool.
Traditional waterfall approach works well if:
Requirements are clear and relatively static.
Scope & timelines are defined and don’t change.
You have experienced people in place.
People not collocated (suppliers, regions etc)
Customer feedback is not critical
Often doesn’t work so well if quantity of change or uncertainty is increased.
Swing diagram analogy
Lean & Agile approach is much more accommodating of change & less prescriptive.
Iterative, hypothesis driven process.
Utilises cross functional expertise.
Starts with understanding current state – discovering characteristics of data, outliers, hypothesising about issues.
Moves onto capturing actionable metrics (not vanity metrics) and building in business metrics that sponsors care about – cost, risk. Essentially answering the so what question using facts. Number of defects, types of defects, What is true cost of defects, what is risk of defect?
Metrics are presented alongside prototyped deliverables such as in this case reporting deliverables. Helps to achieve ‘validated learnings’ which can be fed back into cycle for next iteration.
Final result is a working prototype that helps to:
Clarify requirements.
Better understand obstacles for full production implementation.
How does this work in practice?
We have developed an architectural pattern using a number of tools to work in an iterative way.
Right architectural components the key – using X88 Pandora & Tableau today. There are other tools that you can apply this approach using however.
Will talk more about the profiling, prototyping & presentation aspects today.
Essentially however using approach able to rapidly load a variety of sources, model & document these, prototype assumptions and deliver working prototype DQ dashboards, reports, insights and other deliverables faster than traditional methods.
7
Why risk & compliance reporting a good use case?
Lots of uncertainty & change – mention timelines.
No longer enough just to provide data. Regulators starting to examine process and hand out fines – e.g. RBS.
Semantics of Data landscape – initiatives like EDM Council FIBO working through common definitions after many others have tried – e.g. SWIFT, FIX, ISO20022.
Firms often look at regs not too differently to how school children view homework. Leave most difficult bits to last. Lean suggests you should try to tackle these first or at least understand them e.g. RUP.
Example uses data that resembles that which an investment manager would use. Example is deliberately straight forward however for non-FS participants.