Revolutionizing Metadata Governance for Financial Institutions

Introduction

In today’s rapidly evolving financial landscape, data governance and compliance are no longer optional; they are imperative. For example, a bank in North America with significant assets may face major challenges in synchronizing its complex data environment. Operating across retail banking, wealth management, and commercial lending, such a bank requires a robust solution to enhance its metadata governance and accelerate digital transformation. This case study explores how Mage Data’s solutions can empower such institutions to overcome data management hurdles and achieve immediate ROI.

The Challenge: Fragmented Data Management

A bank’s data governance team is typically under pressure to meet regulatory compliance requirements, including GDPR, CPRA, and HIPAA, while also enabling audit readiness. However, the challenge is often exacerbated by a hybrid data environment, which includes Oracle and SQL Server databases on-premises, Snowflake in the cloud, and legacy ETL jobs. The fragmented data domains, operating in silos, pose significant obstacles:

• Accurate Classification of Sensitive Data: Without a centralized view, classifying sensitive data such as PII, PCI, and PHI is a manual and error-prone process.
• Time-Consuming Compliance Reporting: The lack of integrated metadata makes compliance reporting labor-intensive and inefficient.
• Integration Challenges: Existing data catalog tools are not effectively integrated, leading to inefficiencies in application modernization and cloud migration efforts.
• Delayed Deployments: Coordinating secure, usable test data across DevOps, InfoSec, and Compliance teams results in deployment delays, often taking days to provision test data.
• Delayed Product Launches: Fragmented metadata delays the development and launch of new financial products, impacting competitiveness.

The Solution: Mage Data’s Comprehensive Approach

Mage Data can address these challenges with a comprehensive solution:

• Centralized Metadata Management: Mage Data deploys its in-built Data Catalog to consolidate structured and semi-structured data across systems such as Oracle, SQL Server, and Snowflake. Using native connectors, such a bank can achieve a unified view of metadata, streamlining compliance management.
  
• Automated Data Classification and Lineage Visualization: Mage Data’s intelligent discovery automatically classifies thousands of sensitive data elements across hundreds of tables. End-to-end data lineage visualization provides transparency from data ingestion through to reporting dashboards, simplifying audit and compliance activities.
  
• Seamless Integration and Improved Collaboration: Mage Data integrates with existing data catalog and governance tools, enhancing their value. Developers and architects gain access to searchable metadata in real time, improving collaboration and reducing reliance on outdated documentation.

The Outcomes: Tangible Benefits and Future-Ready Governance

Mage Data’s TDM 2.0 platform delivers significant outcomes for the organization, transforming its test data management processes and supporting its compliance efforts:

• Significant reduction in time for compliance and audit responses through centralized metadata and lineage tracking
• Faster delivery of digital transformation initiatives, driven by better metadata accessibility
• Improved cross-team collaboration among governance, IT, and engineering functions
• Rapid ROI by enhancing existing data catalog investments without disruption

Building a Future – Ready Foundation

By implementing Mage Data’s TDM 2.0 platform, an organization can overcome its data management challenges, achieve enhanced security, compliance, and operational efficiency. This case study demonstrates the importance of adopting a modern, scalable test data management solution to navigate complex regulatory environments and support global business operations.