Standardized and consolidated data quality rules with increased interest from business in just four months with Accurity Quality.
Companies must ensure that their data quality is well handled and meets regulations, such as BCBS 239, known as the Basel Committee on Banking Supervision's standard number 239 focused on principles for effective risk data aggregation and risk reporting, or as Anacredit. As demands on data quality increase, it is common to find diverse and conflicting systems of data quality rules which become increasingly difficult to manage. Before implementing a solution with Accurity Quality, maintaining data quality at J&T was a painful process. Although they maintained several data quality rule systems, these systems were without any standardization and it proved difficult to track what these rules were measuring and where they were used. J&T struggled to get value from their implemented systems, facing several inefficiencies:
J&T, the leading Czech and Slovak private bank, is aware of the increasing importance of data governance and wanted to implement a solution with high data quality at its core. To achieve this goal, they sought a data quality tool which supports two critical data governance elements: rule definition and the execution of quality controls.
Having identified the inefficiencies, the main objectives of implementing higher data quality standards were clear – to create one system with consolidated, standardized and efficient data quality rules, which business units can rely on and easily gain insight from, and which would also help with any kind of regulations.
A proof of concept was implemented before the main project started, covering a smaller set of selected data quality rules. This phase aimed to confirm that Accurity Quality can support all use cases, deliver data quality standards effectively, and bring added value to J&T. Following the success of this proof of concept, in which Accurity Quality gained trust that it can meet all J&T requirements, the first complete set of rules was transferred to the new system. This resulted in consolidating 200 data quality rules in Accurity Quality, including standardization of the rules and their descriptions. These first data quality rules are tracking the validity, accuracy, consistency and correctness of customer and product data. Accurity Quality takes care of automatic daily launches of all rules and, as part of this process, incorrect data is uploaded to a separate storage where it is handled and cleansed.
The benefit of the new initiative has been recognized not only by IT within J&T, but also by business users and executives. User-friendly dashboards provide clear understanding of the rule results and data quality trends. The awareness of the importance of data quality on all levels has been raised. Based on the initial success of Accurity Quality and a rising interest in data quality from other parts of the bank, J&T is continuing to expand the approach and add more sets of data quality rules. To support this, a process for entering and approving new data quality rules has been established. This process allows the system to continue to grow while ensuring that the same high level of data quality rules is maintained. Simplity successfully delivered the new data quality solution within the agreed four-month timeline, enabling J&T to comply with regulations and meet the highest data quality standards, as well as allowing business users and executives to benefit from the system. Accurity Quality is a success in J&T and, moving forward, they will continue to expand the ways they use the tool and the benefits they gain from Simplity’s data quality approach.
Accurity helps us not only with the technical aspect of our problem, but thanks to its skilled professionals, we've got a stable solution for our other projects.