Data Governance and Data Quality Framework in an Insurance Group
Insurance group with more than one billion in premium income
The client requested MACFIN’s support for the design of a Data Governance and Data Quality Framework, compliant with the provisions of the IVASS Regulation no. 38/2018, its implementation starting with the Market Value Balance Sheet and S2 capital requirements processing processes and its gradual extension to the relevant processing flows (e.g. risk analysis and assessment processes, financial statement processing, etc.).
Goals
Align
the new provisions on Data Governance and Data Quality introduced by IVASS Regulation no. 38/2018
Overcome findings
emerged in specific audit activities conducted on the data quality system
Optimize and strengthen
the data quality control system used within the uses included in the framework
Support
the activity of the Data Quality Manager in coordinating the functions involved and simplify the operational activities related to the data quality assessment phase through the digitization of DG and DQ processes and the development of a Data Governance application
Strengthen,
through dedicated reporting, top management's ability to assess data quality, identify areas for improvement and define related actions
Activity
Data Model mapping
of individual uses subject to the DG and DQ framework
Data Governance and Management System Design
of framework and quality control monitoring process; drafting of Data Governance Policy and Implementation Procedure
Definition of controls and Key Quality Indicators
on data and design of reporting system on outcomes of DQ controls and data quality assessment
Development of a Data Governance application
to support the processes of: collection of information on the outcomes of DQ controls carried out by the Owners, processing and analysis of this information, evaluation of data quality, production of DQ Reporting
Results
Adoption of a DG and DQ Framework
compliant with regulatory requirements
Scalable implementation
with potential expansion to all processing streams that support relevant decision-making processes, risk analysis and assessment processes, and reporting and data transfer processes to Supervision
Support, by a Data Governance IT application
the information flows between the involved functions and the DQM and the operational activities of data quality assessment
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