BCBS-239
Orion Governance Use Case
Helping Banks Overcome Data Challenges
Banks are challenged by a number of reasons to meet the 14 principles and becoming compliant with BCBS-239 lies against the 5 primary sections:
Governance and infrastructure
Risk data aggregation capabilities
Risk reporting practices
Review, remediation and corporation
Implementation
Challenges Faced by Banks
Many banks continue to operate with risk data residing in disparate silos, spanning subsidiaries, lines of business, and various types of risk.
Often, these institutions lack the means to effectively incorporate risk data from subsidiaries, resulting in inaccuracies and incomplete granular risk data.
Moreover, an inadequate data architecture, devoid of transparency or lineage, is commonplace. The rigid nature of their infrastructure hinders their capacity to meet evolving requirements.
Additionally, substantial gaps in data governance persist, including the absence of comprehensive data dictionaries and uniform data taxonomies, untracked changes, missing reconciliation procedures, unapproved data quality policies, incomplete key quality indicators, and a lack of audit trails.
Leveraging EIIG for BCBS 239 Compliance:
Orion Governance comprehends the challenges faced by banks and provides EIIG as a solution to expedite BCBS 239 compliance. Specifically, here’s how EIIG aids in implementing all 11 principles related to overall governance and infrastructure, risk data aggregation capabilities, and risk reporting practices:
1. Governance: EIIG offers a comprehensive data governance platform to support BCBS initiatives. EIIG’s automated metadata discovery allows banks to assess the health of their data assets, identifying valuable and risky data assets for improved governance and compliance.
2. Data Architecture: EIIG simplifies banks’ data architecture through a self-defined data fabric, promoting data aggregation, harmonization of data taxonomy, and optimized data placement, reducing redundancy, latency, and inconsistency.
3. Accuracy and Integrity: EIIG offers a federated view of all data assets in a knowledge graph, maintaining accuracy and integrity. It automates the discovery of authoritative data sources, enhancing data consistency and trust.
4. Completeness: Supporting over 70 technologies, EIIG establishes comprehensive connectivity, centralizing risk data, regardless of its source and location.
5. Timeliness: EIIG enables banks to update metadata repositories as needed, ensuring timely and accurate reports.
6. Adaptability: EIIG allows banks to generate risk data reports as required, with automated impact analysis for enhanced adaptability.
7. Accuracy: EIIG facilitates reconciliation across platforms and ensures data accuracy and compliance.
8. Comprehensiveness: EIIG provides automated data transparency for a complete and scalable compliance approach.
9. Clarity and Usefulness: EIIG automates business views, ensuring clear and meaningful risk data for reporting.
10. Frequency: Banks can customize the frequency of risk data report generation with EIIG, catering to different user personas for efficient decision-making.
11. Distribution: EIIG promotes self-service by granting users access to generate, access, and distribute risk reports with robust access control and permission management.
In summary, Orion Governance’s EIIG simplifies BCBS 239 compliance by offering a comprehensive active metadata management platform with robust governance capabilities.
EIIG optimizes data architecture and infrastructure, centralizing risk data from all sources while adhering to best reporting practices mandated by the regulation. Importantly, these achievements are realized without manual intervention, mitigating the human resource constraints at banks, and ensuring the lowest total cost of ownership.
Reduce Operational Costs in a Financial Institution
The Project
Orion’s Enterprise Information Intelligence Graph (EIIG) automated the analysis of more than 30,000 Datastage jobs to find duplicates as well as to select and identify hotspots in the environment. With EIIG’s help, the customer was able to prioritize quick and easy opportunities for code optimization.
Business Problem
Too much footprint of IT systems that increased operating costs and risk exposure.
The Orion Governance Solution
Ingest the client’s Datastage jobs to provide insights into the code they developed over many years for siloed departments.
Business Benefits with Orion Governance
Increased reliability, efficiency and reduced operating costs.
Cost Savings
Reduced the footprint by 30%. Reduced the operational costs to the tune of $1M/month.
