How Financial Institutions can get Data-Driven and Achieve Compliance at the same time.
The extended period of global crisis initiated by the coronavirus pandemic has accelerated the shift to remote work and geographically separate workplaces. To facilitate this, companies have had to rapidly invest in digital transformation — mainly in cloud applications and data systems. The largest and most sophisticated organisations such as banks are now governing more data than ever, across a complex patchwork of systems with very little understanding of how it all fits together. What knowledge there is exists siloed in the minds and everyday activities of subject matter experts who interact with the data systems the most, creating a bottleneck. More data than ever is flowing into the cloud leading to ever-more-complex environments. At the same time, financial institutions are subject to the most stringent regulations around data privacy and security across the world, namely laws like CPG 235, BCBS 239, CCPA and GDPR. As these institutions continue their digital transformations, in search of data-driven, flexible global operations, they need new strategies to manage complexity, maintain compliance and create value from these gigantic systems.
That’s why some of the largest global banks use Alex Automated Data Lineage to report their entire dataflow to the regulator. Alex data lineage and impact analysis features can operate at any existing scale — no system is too big or disparate to catalog and connect. This is only possible because the best connectors in the world allow Alex to automatically stitch together your entire system, irrespective of whether it includes non-supported technologies. Alex’s technology agnostic approach has led us to develop a range of sound methodologies for enabling full coverage of the enterprise data landscape. This means data flow and dependencies between different systems and applications can be immediately visualised after implementation. Unique identifiers can be assigned to Critical Data Elements that make them searchable across systems. Wherever CDEs appear, they are instantly identifiable to users of any technical ability. An easy-access swimlane of CDEs is automatically aggregated in the Alex Augmented Business Glossary so that the business importance of key data assets is always known. Automated cross-system stitching and data lineage allow you to trace the entire lifecycle of sensitive or critical data from source through to output, and impact analysis at scale builds your understanding of dependencies. Alex’s visualisations are so accurate and beautiful that they can be directly reported to regulatory authorities in order to show compliance with any manner of legislative requirements.
Alex meets the needs of the current moment by enabling large enterprises to effectively collaborate around data and create value. Users across the business, including non-technical data citizens are able to instantly access, understand and use the right data for them. Configurable roles align with responsibilities and automated workflows facilitate collaboration by standardising and tracking processes. In the age of the global pandemic, Alex brings teams together, anywhere, anytime to collaborate on and track work involving data. Powerful exploration, analytics, impact and lineage analysis maximise data value in every area of the business. But increased collaboration can mean increased risk. Luckily, we thought of that. Alex provides insights into security and risk with automated reporting and analytics, including compliance dashboards and data usage reporting. There are tools for governing data usage by query counts, user identity, business unit, and risk classification by exposure and impact ratings. Compliance is standardised and enforced through workflows, where tasks can be automated through event triggers. Notifications and subscriptions alert roles and users to changes or actions, meaning nothing critical will slip past your people.
Built from day one with the future of global enterprise data management and business value in mind, Alex is the best tool to facilitate the onerous but promising digital transformation happening in all major financial institutions right now. Get in touch with our expert team to find out how Alex can meet your specific needs today.
About Alex Solutions
Alex Solutions is the Enterprise Data Platform for workforce productivity. We leverage the power of metadata to reduce risk and create value for our customers. Our mission is to empower everyone to quickly find, understand, protect and ethically use data. This is achieved via our leading Connector Marketplace and rich feature suite. We are growing our global footprint, with customers and partners all over the world. For more information, visit alexsolutions.com.au or contact firstname.lastname@example.org.