Building the right data governance program for you

By: Raj Kolluri

Keeping up with today’s constantly evolving business requirements can be challenging. To stay at the top of your game, it’s important to have a solid and comprehensive data governance program.

What’s the best way to implement such a program? Ensure you have:

  1. A proper framework that outlines the roles and responsibilities of the team, establishes the right policy, and recognizes the correct tools and data requirements
  2. An operational process that identifies inventories, metrics, standards, processes, procedures, and data quality reporting
  3. Key metrics to measure success (e.g. adoption of common language for data elements, data cleansing routines, and compliance to policy)

Finding your best program is not without its challenges. For example, most organizations have both in-house and SaaS applications. In addition, many institutions have a centralized governance program with decentralized applications. Also, it’s hard to coordinate between different vendors who expect granular details (including metadata). These can all be significant obstacles for any financial institution that wants to build an effective and comprehensive data governance solution.

SS&C Primatics can help: recently, a client that leverages the EVOLV SaaS-based platform to perform complex accounting and reserving processes implemented an enterprise-wide data governance platform. We took a closer look at the client’s data governance process and seamlessly integrated EVOLV with the third party data governance platform so the client now has one centralized governance location to manage both in-house and SaaS applications. This was achieved by leveraging EVOLV’s open data API architecture that enabled integration between EVOLV’s data lineage framework with third party governance toolset.

Ultimately, financial institutions must choose a SaaS platform that not only exposes and captures data transformations within a central data lineage framework but also shares data and its lineage based on open API standards. The data governance platform should support API-based integration, link to a variety of data sources and applications, and be technologically agnostic so it meets all standard financial and business requirements.

To learn how we can help you stay on top of the latest changes or for more information on EVOLV, download our brochure or contact us for a demo at solution@sscinc.com or
800-234-0556.