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Customer Story

Data Risk Taxonomy System Curbs Data Incidents & Ensures Regulatory Compliance

About the Company

Global financial services company offering a range of services — from investment management to life assurance — for 10+ million customers worldwide.

Goal

As the company expands its global footprint, it has become more necessary to unify data risk strategies across divisions, ensure compliance with international standards, and bridge the gap between business and technology sectors within the company.

Problem

The financial services company has grappled with challenges stemming from decentralized operations, including fragmented objectives and strategies across business units. More specifically:

  • The sidelining of data governance introduced potential compliance breaches.
  • A divide between the business and tech departments disrupted efficient strategy implementation.
  • The inconsistent adoption of crucial technologies, like cloud services, further complicated their operational model.
  • A third-party risk assessment underscored pockets of non-compliance, posing significant regulatory risks.

The cumulative impact of these issues threatened not only their operational efficacy but also their long-standing reputation in the financial sector.

Solution

To streamline the company’s approach to the data risk management, Analytics8 worked with stakeholders to establish a Data Risk Taxonomy, which is a unified system that helps categorize and address potential risks in the data management landscape. It also ensures that all teams are speaking the same language when it comes to identifying and addressing risks.

The solution included:

  • Comprehensive Documentation for Risk Management: After a thorough assessment of their data sources, practices, and procedures from diverse global regions, we documented potential data risks, with a focus on data privacy, architecture, and retention. This strategic insight ensured the company could concentrate resources and efforts on priority areas, optimizing their risk management strategies.
  • Success Measures: We advised on the best methods to develop standards, controls, and key performance indicators — allowing the company to set up checkpoints and measures to ensure data risks are kept in check.
  • Training Material and Strategy: We recommended specific training materials and methodologies to increase data literacy across the organization and ensure the company’s employees were well-equipped to navigate the new Data Risk Taxonomy system.

With detailed documentation, best practices, and training, the company is well-equipped to protect its data and operate more efficiently.

Results

After partnering with Analytics8, the company experienced a series of positive transformations in their data management:

  • Unified Risk Management: By implementing the Data Risk Taxonomy, teams across departments benefit from a shared understanding of data risks. This has led to a significant decrease in data-related incidents such as breaches and ensured regulatory compliance, allowing the company to avoid potential financial penalties.
  • Operational Excellence: Communication is streamlined, and operational efficiency enhanced, as teams work together cohesively under the new data handling practices.
  • Proactive Compliance: With a more structured approach, the company not only adheres to current regulations but is also prepared to quickly adapt to any new compliance requirements, minimizing the risk of costly fines.
  • Data Governance and Quality: The company has moved from disjointed data practices to a unified data governance model. This shift has led to optimized data usage, reduced redundancy, and an overall improvement in data quality and integrity.

This collaboration empowered the company to turn challenges into opportunities, effectively positioning themselves as leaders in data management within their industry.

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Global financial services company offering a range of services — from investment management to life assurance — for 10+ million customers worldwide.

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