financial services data governance case study

Data Governance Matures as Insurance Firm Shores Up Its Reporting and Governance Structure

By Melanie Deardorff

About

  • 150+ year-old, independently owned insurance firm working with individuals, families and businesses

Opportunity Areas

  • Despite having a formal data governance (DG) structure, the client knew the organizational maturity of the structure could be improved
  • A legacy workflow tool was being retired, and a new cross-department tool was in development which made the need for better internal reporting a priority
  • Ultimately, reports needed to be certified before they could migrate to the new tool; this included:
    • Identifying data lineage and data definitions
    • Proposing a more consistent data architecture
    • Establishing consistencies across all reports
    • Identifying business owners

Engagement Snapshot

  • This firm engaged First San Francisco Partners to do a maturity assessment and gap analysis.
  • We worked with the firm’s business strategy leadership to demonstrate how FSFP’s proprietary data-centric methodology could address its reporting issues
  • Client adopted the methodology to drive the reporting project deliverables
  • Governance best practices and goals were integrated into the project, including gaining active participation from the DG manager, data stewards, et al

Impact

  • Clear data requirements now enable better re-use of data in a new reporting environment
  • Reporting tool went live with certified reports, documented lineage, approved business definitions/glossary and documented data quality expectations
  • Client has cross-functional agreement on data definitions and concepts and business ownership of data is more clear
  • Governance team is better-positioned for long-term success

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