Data quality is a key measure of business success for all organizations, particularly those in the banking sector. Not only is data quality crucial to meet regulatory requirements, it is also essential for banks to remain competitive. Banks need to trust their data to make intelligent, data driven decisions.
The Insurance Division of a Big 5 Canadian Bank sought to improve their data accuracy, regulatory reporting, and decision-making with a solid data quality management framework as its foundation.
Optimus Data provided programming capabilities, project oversight, and strategic support to the bank’s insurance division to create a robust and comprehensive Data Quality Management framework. Leveraging a proven methodology, the Optimus Data team developed an automated platform to identify data quality exceptions in Critical Data Elements (CDEs) across all Systems of Records (SORs). This automated platform facilitates timely and accurate management and regulatory reporting leading to more effective decision-making.