European Investment Bank – Counterparty Data Management
Counterparty Data Management solution rewrite and data remediation.
Case Study: European Investment Bank – Counterparty Data Management
Context:
Banks must hold accurate details on their counterparties to ensure adequate risk management, regulatory compliance, financial crime prevention, and support day-to-day operations. This client had identified a number of weaknesses in the management of their CP data.
Client Challenges:
- Data quality issues with existing counterparty database
- Limited integration with required range of data sources
- Risk reports impacted by data quality issues and misaligned with regulatory requirements
- Reporting performed using complex legacy application (SAP Business Objects)
Solution:
- Rules-based data cleansing activity defined and executed, identifying data gaps, out of date values and redundant data fields
- Identification of new data sources and definition of required interfaces to support provision of counterparty updates on scheduled basis
- Connection of new reporting application (Power BI) to counterparty DB
- Design, build, test and deploy of new counterparty risk reports, including new data quality report with process for data remediation identified as part of revised operating model
Outcomes:
- Remediated counterparty data, with ongoing monitoring and procedures implemented to ensure data quality standard remains high going forwards
- Remediated reports returned business function to within compliance threshold as per policy
- New technical capability introduced (Power BI) provided users with an improved “self-service” offering and provides easier maintenance options for future changes required