Data Quality Platform (DQP)
SUMMARY
Tier one Wealth management firm faced challenges from its customers to improve the accuracy of data presented on client statements and reporting. Data presented included significant inconsistencies in definition and content. Exusia was engages to assess and develop a roadmap for addressing data quality as part of a broader data governance program. Exusia lead the effort to develop an industry-leading Data Quality Platform that integrated and leveraged various technologies to proactively monitor, track, measure, and report on data quality.
Problem Statement
- Clients had submitted a regular stream of complaints about inconsistencies they were seeing in the various reports they were receiving from the firm, creating a risk that Clients and Financial Advisors would leave the firm
- The firm was required to submit proof of data quality as part of regulatory filings and reports – failure to do so submits the firm to a risk of being fined for non-compliance
Exusia Solution
- Assessed to the end-to-end processes for generating key data elements included on critical Client and Regulatory reports
- Devised a roadmap for addressing data quality issues as part of a broader data governance program
- Designed and implemented the Data Quality Platform to measure, monitor, track, and report data quality based on user-defined data quality rules
Business Outcome
- Created a proactive data quality monitoring capability that reduced the occurrence of data quality issues, resulting in a reduction of Client data quality complaints
- Implemented structured and repeatable data quality processes that became integral aspect of Regulatory reporting, reducing the risk of non-compliance
