Data solutions assurance: supporting and strengthening data frameworks

A review of your data programmes offers valuable insight into various aspects of operations, including data strategy, process design, technology, and governance.

Our Assurance Maturity Framework is a useful tool for validating data programmes. It splits the programme lifecycle into five stages, from requirement management to final reporting.

Each stage is evaluated using three sources of information:

• Stakeholder questionnaires
• Analysis of artefacts, including documentation, solution architecture, testing, and governance processes
• Continual feedback from stakeholders regarding ongoing observations

The result is a clear picture of a programme's strengths and weaknesses, which quickly identifies any necessary remedial action.

The benefit of external assurance

Though frameworks such as the above can guide internal teams, an external perspective is a powerful way to identify gaps and weaknesses that might be overlooked.

External assurance specialists can also help with strategy, process design, technology, implementation, and governance while ensuring you're compliant with the latest regulatory changes.

The assurance challenge

A leading retail and commercial bank in England asked us to conduct a comprehensive review of their payment protection insurance (PPI) data waterfall programme, specifically:

• to validate its design approach to data sourcing, risk and issue escalation, as well as data extraction and collation
• to review the accuracy of data output, QA framework design and adherence, and technical architecture design
• to review all documents relating to the programme.

Our approach

The programme collated data for complaints, commissions, returns, payments, and many more workstreams acquired from means, such as phone calls, emails, and certified management consultant files.

We evaluated the PPI programme using our Assurance Maturity Framework and methodology (questionnaires, artefacts and continual feedback). Our work involved:

• reviewing documents for all data sources, ensuring there was sound rationale and evidence for each design or data gap decision
• assessing the efficacy and processes surrounding internal and external QA documents
• assessing technical architecture and database design documents against industry standards.

The value we added

Our review identified one high, four medium and three low-risk action points.

We identified major gaps concerning test case traceability and the reconciliation of final output numbers with the data sources.

Additionally, our advice on identifying critical data elements and establishing data validity rules not only ensured report accuracy but also led to improved compliance and performance, enabling a clear assessment and comparison with industry standards.

What's it like working with an external data assurer?

External data assurance can ensure that your firm has access to the strongest set of data to improve your internal processes and decision making abilities.

It should provide a robust gap analysis and a clear set of metrics to assess your data and compare it to others in the industry.

Our five-phase agile process ensures continuous engagement for swift risk mitigation.

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