Quantum Strategic Advisory

Background

​

As part of a multi-year Finance and Risk roadmap, this bank wanted to ensure that were completeness and accuracy controls over the data used in its information stores for internal and external reporting.  Systems were fragmented with no clear ownership for data quality and a clear understanding of where default/override logic was used in risk systems.

​

Our Role

 

• Gather an inventory of all the critical data elements used for market risk

• Perform a data control evaluation of all the critical data attributes used in the firmwide market risk system

  • How is each data element sourced

  • Who is the data provider

  • What controls exist in the source system

  • How is data validated for completeness and accuracy

  • Is there validation of data to golden sources

  • Is there default proxy/logic used

  • What is the exception reporting process

  • What data elements are used in risk calculations

• Develop the analysis approach and the remediation plan

​

Outcome

​

• Collated inventory of critical data elements required for Market risk processes - VaR, Stress, Volcker, Default Exposure, Capital

• Mapped out other cross dependent data initiatives

• Performed an assessment of data quality by data element type (market data, reference transaction, exposure)

• Determined functional ownership for data quality

• Worked with Technology to understand default logic for reference data

• Developed remediation plans by control category