Helping a global investment bank to reduce risk by driving data quality improvement

How do you improve the data quality of hundreds of thousands of individual transactions?

Our client, a global investment bank, had initiated a high-profile project to improve data quality within the firm. New regulations governing data quality were on the way, and they wanted to get ahead of the change. The project was defined and the delivery date set, but they were significantly behind schedule. They had to improve their data quality to avoid financial and reputational risks and needed to get the project back on track. So, they brought in Baringa.

We broke down silos and brought people together
This project spanned the entire organisation, from trading and sales to finance, risk and treasury. However, each department was used to working in their own reporting chain. To deliver, they needed to work together. So, our team worked behind the scenes – making that extra phone call after meetings, mediating and getting everyone to march in the same direction. 

We showed them where to scale back  
The bank needed to test a new flow for their secured funding transactions, but the testing was behind schedule. So, we brought in our risk, finance and treasury experts to create a more streamlined, pragmatic testing strategy. Focusing on business impact, we helped the bank prioritise the most critical testing areas. Our team quantified the impact these transactions would have on treasury and used our testing experience to recommend a new approach. 

On-time delivery without repercussions
Working together, we delivered the project on time. Our approach to streamlining the test environment worked – with no adverse impacts on the business. Our client cut the amount of data reconciliations significantly (to the tune of $870bn in associated materiality) and eliminated thousands of recurring automated and manual data adjustments. We’re now working with them on other areas, such as organisational design and ways of working, performance management and location strategy. And stakeholders often ask for the same team to work on other projects, because of their reputation for low-risk, on-time delivery and for the spirit of collaboration we bring to our engagements. 

Find out how we help our clients in the Banking Industry