Governance for Data Monetization
Challenge
A financial institution needed to facilitate a new usage for data while remaining compliant to privacy regulations.
They identified an opportunity to monetize data through a new service for its wealth management clients.
The existing governance program did not support regulatory requirements for this new usage.
Solution
Developed a tightly governed hybrid cloud data lake.
Built a data catalog that documented data lineage from source to client usage.
Created policies for usage, retention and destruction of sensitive personal data.
Used machine learning to track and analyze client usage patterns to identify potential regulatory violations.
Results
Created a profitable, new revenue stream through data monetization.
Differentiated themselves from other financial institutions through a value-added service.
Created visibility to data movements and processing activities across the entire data landscape.
Ensured better protection, tracking and reporting of sensitive personal data usage through automation and operationalization of data policies.