Establish Framework to Promote Cross-Organization Data Governance
U.S. Bank Cooperative
The Client’s senior leadership sought guidance on improving data governance practices in response to heightened regulatory scrutiny and requirements. The initiative began with the development of a Data Strategy, an Operating Model, and a Data Management Policy to establish a governing framework and to refine the mandate of the existing Data Governance Steering Committee. As part of the Data Strategy, Reference Point recommended, and then helped stand up, a Data Office as a new bank function with dedicated resources promoting a data-driven culture through the implementation of data standards and procedures and the ongoing monitoring of identified KPIs.
- The Client recognized the need to develop a Data Governance program and to establish a Data Governance Steering Committee but required direction due to the lack of a well-defined Data Management Strategy.
- Additionally, the Client lacked defined program responsibilities and dedicated resources to execute upon remediation of identified data challenges.
- The Client also desired a mechanism to measure the state of data management maturity across its data assets, resources, data practices, and associated processes.
- Reference Point deployed a team of subject matter experts and experienced consultants, with targeted expertise in data management, to lead the development of the Data Management Program, establish a Data Office, and operationalize the Data Strategy and Operating Model.
- The team developed a Data Management Strategy, an Operating Model, and a targeted Data Governance Framework.
- Reference Point also established and operationalized Data Management Standards and Procedures, including the establishment of KPI metric dashboards to track ongoing implementation.
- Additionally, Reference Point conducted a Data Management Capability Assessment (DCAM) to assess current maturity across the bank's data capabilities. A RACI was established across new data roles (i.e., Data Owner, Data Steward, Data Custodian, etc.) to embed ownership across data assets and enhance data capabilities.
- Reference Point’s expertise and collaborative approach created a concrete foundation for the successful maturity of the Data Office and provided experienced coaching to ensure the Data Office staff had the institution knowledge to continue successful progression.
- Reference Point developed a Data Management Roadmap to allow the Data Office to prioritize implementation of Data Management Standards and Procedures with a target timeline set for when they should be held auditable across different standards.
- By establishing data roles and the associated RACI matrix, the team promoted accountability and responsibility, thus increasing effective management of the bank’s data assets and cultural buy-in to the maturing governance model.
- Through the creation of the Data Office and socialization of Data Governance and Data Management practices, the client bolstered its change management processes while evolving culture to become more data driven and encourage escalation of data issues.