Reliable data storage that remains flexible
The challenge
Financial service providers know the dilemma all too well: how do we store large amounts of data from various sources, with different definitions and varying reliability—and remain flexible? And how to comply with stringent regulatory requirements, such as BCBS#239, which addresses the challenges of risk data aggregation and reporting?
Data warehousing presents significant challenges. First and foremost, ensuring data quality is crucial; poor source data often leads to worse outcomes when that data is used. Secondly, the integration of data is a major focus, especially when dealing with heterogeneous sources and formats. Seamless pipelines and integration processes must be established to ensure that data in the warehouse is harmonized and consistent when needed by data consumers. And we haven't even addressed compliance regulations yet...
Complete timeline for compliance
The solution
Deloitte has assisted Rabobank in better implementing the Data Vault methodology for the Group Risk & Finance Data warehouse (GRFD). This data modeling method stands out for its flexibility and scalability, enabling seamless integration of various sources and structures while supporting agile development. Unlike traditional data warehouse models, Data Vault is not rigid; its flexible architecture allows for quicker system adjustments, making it ideal for financial service providers facing constantly changing data sources and regulatory requirements.
Moreover, Data Vault can create a detailed historical timeline of data. This is crucial for establishing a single version of truth, which forms the basis for consistency and reliability in data and decision-making processes. Thanks to such a comprehensive timeline, Rabobank can meet the stringent requirements for recording financial data.
Deloitte helped implement a lightweight business-driven setup for the data vault, transferring the responsibility for implementing business rules to the owner of a data element. This means the data warehouse team no longer needs to manage this aspect.
Throughout the transition and implementation, Deloitte provided guidance to data architects, business analysts, and IT managers at Rabobank as a strategic partner. Workshops increased engagement from key stakeholders, and together, a new blueprint for data definition and management was developed to create a solid semantic layer in the architecture. The IT delivery was realized in close collaboration, and suppliers and consumers of the data warehouse were informed of changes to the central platform. The new architecture was implemented collaboratively by Deloitte and Rabobank, ensuring a smooth transition and effective integration with existing systems.
The flexible architecture also allows for quicker system adjustments, making it ideal for financial service providers dealing with ever-changing data sources and regulatory requirements.
Continuously engage stakeholders throughout the project: data architecture deserves everyone's undivided attention.
Data architecture deserves everyone's undivided attention
The impact
The new system has resulted in better data management, clear ownership, and increased delivery speed. Data is recognizable from a business perspective and can be related to other banking domains, improving the correct application of data across different use cases. This allows downstream users to query data in a common language, enhancing understanding and visibility into data provenance.
Also noteworthy: because Data Vault stores contextual information in separate compartments, developers can work in parallel, boosting productivity and reducing the chance of errors with new releases. Additionally, new architectures like data mesh and data fabric are supported, making the system future-proof.
Key lessons from this transition:
- Ensure detailed and consistent documentation of data mappings and transformations: essential for data integrity and compliance.
- Continuously engage stakeholders throughout the project: data architecture deserves everyone's undivided attention.
- Simplify the architecture: avoiding unnecessary duplications can significantly speed up and make the system more efficient.
Agile and scalable
In conclusion, we can confidently state that reliable and flexible data storage is crucial for financial service providers. The specific characteristics of the Data Vault architecture are therefore highly welcome. The solution enhances compliance and governance while also improving efficiency and speed. With this implementation, Rabobank, supported by Deloitte, has responsibly made its risk and finance domain more agile and scalable.
We would like to extend our sincere appreciation to Nick van Spingelen and Rick Moorman for their valuable collaboration and contributions to the development of this case study.
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