27 May The Swiss Army Knife For Regulatory Data Lineage: Exploring LineageView
For the untutored like me, an audit trail, traceability, and data lineage may seem like one and the same – i.e., the ability to find out where something started, where it ended, and what happened to it on that journey. It turns out that there can be similar misunderstandings even among people in the risk reporting sphere – regulators, data analysts, business users – who do not always agree on which items represent critical data elements for their regulatory reporting.
Through conversations with clients, AxiomSL has identified seven general use cases that banks typically encounter and how they impact their organizations either as a single issue or in combination: auditor/regulator-mandated, forensic analysis for audit defense, end-to-end data lineage, documentation, critical data elements for sourcing data analysis, governance, and transactions testing.
You may have recognized one (or more) of those seven use cases in your organization’s profile or its challenges. And if any of those challenges is a manual process hampered by either legacy approaches or policies around keeping it current, then your regulatory lineage is probably static and therefore problematic. Downsides to a manual and static approach include it being costly, outdated, opaque, labor intensive, and/or inflexible. In fact, institutions without a transparent, dynamic regulatory data lineage capability are less likely to identify and rectify data inaccuracies and are more vulnerable when defending submissions.
Imagine if, instead of the manual and ad-hoc processes that add to the stress of the situation, there were a mechanism that could resolve your organization’s issues.
Lost you? Don’t give up! It’s neither as dreary nor as magical as it may sound!
In this whitepaper, AxiomSL explores the use cases, introduces its LineageView module, and makes the connection between different LineageView functionalities and the real-life client requirements that they satisfy, like a Swiss Army Knife – one module, many remedies. As a bonus, AxiomSL also demonstrates how two out-of-the-box ControllerView® platform functionalities also act like pseudo lineage uses cases for many clients – more gadgets, more remedies.