Data to Value Ltd. and Experian QAS were pleased to welcome Financial Services users to the Eight Club in Moorgate for the inaugural user group for this sector. The event yielded some really interesting discussions and was well attended with users from Man Group and M&G Investments in attendance. The forum proved to be a great opportunity to discuss both innovative uses of the tool alongside common challenges faced within Financial Services and particularly Asset Management.
Key challenges and common drivers discussed included:
• Challenges of decommissioning legacy systems & integrating new systems
• Data Quality Management within short time frames (intraday)
• Linking data consumption points to data sources & understanding end user data usage
• Legal Entity Data Management
• Enterprise Messaging / schema validation
• Regulatory challenges such as Dodd-Frank, EMIR, AIFMD & FormPF
A number of quite interesting use cases for the tool were also discussed at the event. One of the topics that was discussed at length was Data Prototyping. Traditionally Pandora has been used for Data Quality Management and Data Migration, however given its scalability, performance and flexibility many users discussed how they are traditionally using it for prototyping reports and other outputs. Many regulators ask for the same data in a variety of different formats. It is often challenging to adopt a traditional data sourcing approach using warehousing, ETL and other components. This becomes particularly challenging when the data is semantically rich and is not clearly defined either internally or by the governing regulator. Data to Value discussed how they have worked on a number of Data Mart & Warehouse prototyping projects and believe the tool is a particularly good fit for this. This is particularly true now additional export formats are available (JSON, XML, CSV, TXT etc).
How to effectively setup a Data Quality Management framework and related workflow requirements was also discussed. Attending users mentioned that they are looking for an end to end process in terms of data consumers raising issues and a central Data Management team providing visibility, auditability and statistics around this. Data to Value discussed how we have approached this in the past using both existing enterprise / open source tools and other Data Governance solutions.
Metadata management was also discussed from the perspective of getting the most out of Pandora alongside Data Modelling, Data Governance and Metadata repository tools. This is a requirement for certain upcoming regulations such as BCBS239 where definitions are required for all Critical Data Elements (CDEs). The metadata discovery functionality in Pandora is particularly useful for fast tracking progress in this space.
Off the shelf business rules and DQ rules was another area that was discussed. Users felt there could be an opportunity to fast track some Data Quality projects through using common off the shelf business rules. This is something we are developing at Data to Value as part of our Data Modelling practice using semantic tools alongside industry initiatives such as the EDM Council’s FIBO.
The event closed with networking drinks in the spectacular roof top bar where discussions continued. The next meeting will be held in September in Moorgate (date TBC) – please do let us know if you would like to attend and have any ideas / requests regarding format via our contact form.