How to optimize the business value of your data

“Instead of being controlled by data and the regulator, we want that nirvana state of using the data in order to turn on a dime to market conditions and new opportunities.”

So said Philip Dutton, Co-CEO and Co-Founder, Solidatus.

It’s all about agility.

With data governance playing a key role in transforming the way organizations manage their data, agility has grown ever more necessary. But what is agile data governance and how do businesses know if they are actually doing it, let alone using it optimally?

This type of data governance is one that is flexible and adaptable to change. It allows organizations to not only have high quality and trustworthy data assets, but to also effectively develop those sets in the face of change. From new or updated regulations, to impact assessments, agile data governance is about getting in front of the problem, not stuck behind it.

Philip Dutton delved deeper into this topic with a team of experts from Societe Generale, Royal London Asset Management, ActiveNav and TickSmith for the latest A-Team Insight webinar ‘How to optimize the business value of your data using agile data governance’.

Together, they discussed what agile data governance is, the business and operational benefits it can deliver and how it can be successfully implemented, with these key takeaways:

  • An agile data governance framework needs buy-in from the business – not just from senior management, but across the board so that it shifts from a siloed way of thinking and doing things, to an actual culture.
  • This cultural piece doesn’t involve just data, but also people, processes and policies. It needs to be embedded into existing processes as something businesses do by default and design.
  • With your workforce educated, the tech behind it will fall into place. Modern data governance and management tools are designed with agility in mind, and a well-developed solution will always support organizational change.
  • Lineage-led technologies such as Solidatus – that go beyond basic governance by adding data dimensions including quality, ownership and sourcing – are transforming the data landscape with agility to efficiently re-use data and processes as market conditions change. The Solidatus solution allows organizations to design, implement and re-use operationally effective governance with true data-driven business value.

To learn more about the sustainability and business value of agile data governance, watch the A-Team webinar on-demand now:

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Effective data governance has become a vital requirement for a successful enterprise in an increasingly data-driven world.

But, as well as the traditional challenges of maintaining high-quality, fit-for-purpose data while complying with ever-growing legislative and regulatory requirements the data world has added the new imperative: gaining the competitive advantages made possible by moving some or all of your data to the cloud.

With such changes to the data environment, it is immediately apparent that traditional, manual, spreadsheet-driven data governance processes aren’t up to the task. How can those who wish to modernize their data governance processes in line with their progress to the cloud achieve this?

CDMC review

An initiative of the EDMC, the CDMC (Cloud Data Management Capabilities) framework is a thorough review of best practices for managing data in the cloud.

It comprises six major categories:

  • governance and accountability
  • cataloguing
  • accessibility
  • protection
  • data lifecycle
  • data and technical architecture.

Through these, it lays out how the implementation and maintenance of cloud storage may best be achieved.

A holistic approach to the many and varied challenges posed by cloud adoption has not been attempted before. This is one of the most significant and comprehensive analyses of cloud data management ever compiled.

The ‘skeleton’ of the CDMC framework was laid out initially as a series of six Components, containing 14 major Capabilities, further divided into 37 Sub-Capabilities, to which, as a practitioner in cloud and data management, data architecture, lineage and catalog, I contributed. These formed the basic ‘building blocks’ assigned to relevant subject-matter experts on the various subgroups that took ownership of them. In addition, specialist working groups were set up to deal with areas of particular importance, such as data lineage, of which I was also a participant.

Once a draft of a topic (either Upper Matter, Capability or Sub-Capability) was developed, members of the working group would be informed. They could read, review, and comment on it in the EDMC Dropbox before a full Review Committee review took place in one of the scheduled sessions. 

Transformation with the cloud

It brought home to me how rapidly and radically good data management has been transformed by the arrival of cloud technology and how the consequences and ramifications of its adoption have remained nebulous until now. For example, with the exception of global multinational companies, data sovereignty and cross-border data movement were not concerns that typically would have bothered an on-premises installation.

Once a company decides to put its data into the cloud, though, questions on where it may end up being held become pertinent, and you must establish, understand and observe jurisdictional requirements. In turn, this is just one example of how vital a comprehensive data catalog is to successful cloud adoption. Without one, the metadata essential to complying with the myriad regulations and data privacy obligations to which holders of data are subjected cannot be stored and used to avoid regulatory infractions.

Understanding the data

Over and over again in these review sessions, practitioners stressed the absolute importance of understanding the data that you are putting into the cloud, at the time it is put into the cloud, and that without catalogs containing metadata to describe those data assets fully, controlling and managing that data becomes impossible. 

Multi-cloud and hybrid-cloud environments also present additional challenges for keeping data lineage accurately recorded and up to date. Unsurprisingly, automation is a major theme throughout. For example, “The data lineage in cloud environments must be captured automatically, and changes to lineage must be tracked and managed. Visualization and reporting of lineage must be implemented to meet the needs of both business and technical users.”

Five objectives for data lineage are included:

  • Implement automated functionality that identifies processes that move data.
  • Record data lineage metadata for data movement processes that are discovered automatically.
  • Ensure lineage auto-discovery identifies processes that move data across jurisdictions, availability zones and physical boundaries.
  • Ensure lineage auto-discovery is enabled in hybrid and multiple cloud environments, and identifies data movement between those environments.
  • Define and implement processes for the review of auto-discovered lineage information.

Data governance platforms

The best contemporary data management solutions, including those that help with data governance, are designed to provide exactly these capabilities, in radical contrast to cumbersome, manual, text-based methods.

For organizations using DCAM to assess and monitor their data governance maturity, you can use Solidatus to map to CDMC, empowering a holistic data governance approach across both on-premises and cloud data on an enterprise-wide basis; one which can be automatically maintained, giving management confidence that its data governance solutions are optimised for the future, not stuck in the past.

A note on Solidatus for EDMC members

Solidatus is a powerful tool for efficient data management, visualization and discovery. As the selected EDM Council knowledge modeling solution, EDM Council members are given read-only access to the modeled frameworks and how they interact with each other as well as map on to further privacy and financial regulations.

Using Solidatus, you create living blueprints that map how your data flows, and how it’s affected, as it moves around your systems, both now and at other points in time.

By revealing hidden opportunities and threats, and showing you the impact of change, a Solidatus data lineage blueprint delivers clarity and an enriched understanding of your ecosystem, so you can optimize your infrastructure, operate more efficiently, and minimize risk.

If you are not an EDM Council member but would like to view the models, please email us at hello@solidatus.com.

After a brilliant year of accolades and achievements, we are excited to announce that we have been named as the winners of two categories at the A-Team Data Management Insight Awards 2021.

For the second year in a row, we have won the ‘Best Data Governance Solution‘ which is a real testament to our transformative governance capabilities in the world of data management. Our data governance solution goes beyond basic management, adding different dimensions through powerful visualisations and this award truly cements that.

We have also been named as the winner of the ‘Best Graph Database Solution for Data Management‘ category. This is a new award for us, and we are immensely proud to have been recognised for our innovative work. In a complex digital landscape, having a visual representation of the connections that define and drive an organisation can be the differentiator between a successful enterprise and a failed one.

Solidatus Co-CEOs & Co-Founders Philip Miller and Philip Dutton 

These wins come off the back of an amazing year for our company, having been named in the RegTech 100 2021, as the ‘Most Innovative Data Governance Initiative’ and ‘Best ESG Regulatory Solution’, and most recently as the 41st fastest growing technology company in the UK for the 2021 Deloitte Technology Fast 50 rankings.

We are sure 2022 will be equally as rewarding, and look forward to sharing it with our colleagues, partners, clients and industry peers. 

What is Data Lineage

The Data Governance Institute defines data governance as “…a system of decision rights and accountabilities for information-related processes, executed according to agreed-upon models which describe who can take what actions with what information, and when, under what circumstances, using what methods.”

This definition provides an excellent set of signposts to the challenges of data governance, when the pre-requisites for implementing it are considered. How are the “decision rights and accountabilities” to be allocated? Who will agree the “agreed-upon models”? And are they the same as those who should agree them? All this before attempting the much more arduous process of establishing the who, what and when variables of the second half of the definition.

In order to create an effective data governance function, therefore, the fundamental questions that need to be answered at the outset are:

• What data do we need?
• What data do we have?
• Is the data that we have fit for purpose?
• What obligations are we under through having this data?
• Who, within the organisation, is qualified to answer these questions?

By recording the organisation’s “Current State” data landscape in Solidatus, the answers to Questions 1 and 2 immediately become clear: unnecessary manual entry (or, worse still, re-entry) processes are spotlighted; siloed data stores can be easily spotted, costly vendor data usage can be rationalised and optimised while ensuring that contract terms are observed, avoiding expensive surcharges or litigation.

Through fully documented lineage certainty of appropriate data origination can be obtained, confirming that only strategic data sources are being used, reducing, or eliminating time-consuming reconciliations and empowering system owners to enforce service level agreements from data providers, ensuring that the data they receive is fit for purpose.

Designed to deliver early success and sustainable data governance, Solidatus is the only tool on the market that enables true organisation-wide understanding and control of data with its ground-breaking lineage-first approach. Its lineage models provide absolute clarity over where data resides and by whom it may be used. This allows automated access control systems to operate with unprecedented levels of reliability, ensuring that all applicable privacy legislation is respected and minimising administrative overheads in providing regulatory reports and discharging data subject access requests.

In the data-centric enterprise, data governance is everyone’s responsibility: by understanding the data ecosystem through the unique insights provided by Solidatus visualisations, areas of individual responsibility can be seamlessly united into enterprise-wide data governance maintained by the subject matter experts who best understand the data and who are, therefore, best placed to ensure its use for the maximum advantage of the whole organisation. In so doing, common practical challenges that often lead to wasted resources and budget resulting in no increase in organisational data maturity or ROI can be avoided. Better business decisions can be made by harnessing the value of trusted data that is easy to find. Go beyond basic governance by adding data dimensions including data quality, ownership, sourcing, privacy and authority – all visualised in context – and demonstrate control through both a business and IT lens.

Solidatus Co-Founder Philip Dutton recently caught up with the team at Tech Company News to discuss the origins of Solidatus, how our solution is transforming businesses on a global scale and where the future lies for us as a business. 

“Our ambition is not only engineering a very necessary piece of software, but also to build a company that is collaborative, inclusive and forward thinking – a tech company of the future in terms of our ethos as well as our product.”

In this profile of Solidatus with Tech Company News, Philip Dutton explores how our lineage-first data management software allows organisations’ data to be efficiently managed through visualisation, as we play a crucial role in enabling the world’s largest data-rich and regulated organisations to effectively manage their data, people and processes.

With our eyes now fixed on global expansion, Philip also gives an insight into what our current focus is as a business – from opening offices in the US to rolling out our industry-first ESG data lineage methodology in response to the growing push for companies worldwide to become more environmentally and socially responsible. 

There is an ever-increasing number of projects related to data, making it easy to slide into common traps resulting in mistakes that undermine the business behind it. On this panel at Future Processing’s ITInsights event, we discuss the most common data challenges we see in our industry and how to overcome them.

With so many organisations still not reaching their full data potential having tried to bring it to the centre of their business, we have to look at what is hindering this journey: data complexity being the biggest among these challenges. Data and technology has evolved exponentially over the last 2 years, with the development of a huge volume of new systems adding to this complexity. It has become an ecosystem that we must learn to understand and interconnect.

What solutions like Solidatus are trying to do is help banks understand their data. If businesses want to be able to drive a model forward or achieve regulatory compliance, they have to understand their data. By understanding your data, and ascertaining that you need to have it as a reusable asset, you can drive your ability to obtain market and customer insights. Once understood, you can control your data and gain value from it.

Together with Julien Cousineau, CTO & Founder of Flinks and Enzo Casasola Head of RegTech at Suade Labs, Solidatus Co-Founder Philip Dutton goes through the most popular pitfalls to avoid, the most relevant lessons learned and tips on how to tackle these challenges.

Check out the FinTalks: After Hours discussion panel – Most Common Data Mistakes to learn more: 

Back in 1995, a young Futures Trader Nick Leeson was working in Singapore on arbitrage trading on the main Tokyo index – the Nikkei 250 – for Barings Bank when he fraudulently hid massive financial losses from the bank in both London and Singapore. The losses incurred by the 200-year-old bank were estimated at $1.3 billion in unauthorised trades.

“I’m sorry” – two words left on a note in his apartment was the only admission of wrongdoing on Leeson’s part. And on the face of it, the story was simple: a rogue trader extorts a bank for millions. His plan, like that of a James Bond villain, at the time was thought to be so ingenious that the senior management of the bank were powerless. And there was no way for Peter Norris, the Head of Barings Bank, to discover the fraud until it was too late. Norris later called Leeson ‘An Agent of Destruction’. Further investigations revealed that Norris probably overstated Leeson’s capabilities; as everything started with a simple entitlement error, and was followed by a systemic failure at the bank.

During his time at Barings, Leeson was promoted from bookkeeper to general manager and chief trader, whilst also being responsible for settling his own trades. These jobs are typically held by two different people; one running the back office and one running the front. But as Leeson was able to run both through an entitlement error, he had the capability to hide his losses from both his superiors in Singapore and London. There was no grand plan, nor was Leeson a hyper-intelligent villain. If you remove just one of the positions from Leeson then Barings Bank, in some form, would probably still be here today.

With access to both front and back-office systems, Leeson was actively defrauding the bank. He had already accrued huge losses when he decided to sell TOPIX volatility, which then imploded with the Kobe earthquake, creating financial losses that the bank could not recover from. All his losses were funnelled through the infamous ‘five 8s’ account, while at the same time he managed to falsify profits back to London. Despite suspecting something was seriously wrong, London ultimately fell prey to Leeson’s inflated profit claims which leaves us to wonder: why did they keep advancing Leeson more money when the settlements were so low?

There is a famous phrase that states ‘In the Land of the Blind, the One-Eyed Man is King’ and this is probably the best analogy I can give. The senior managers were blinded by profits and did not understand the complexities of the markets and details of the trades, giving Leeson a place to hide his growing losses. To everyone’s amazement, Leeson was the only one who understood how the system worked and, ultimately, how to move data to exploit it.

When looking at banking data lineage now, we can appreciate how difficult it is to track a single thread of data through the data landscape without a solution like Solidatus. What would Barings have given to visualise how the data moved through their organisation, and with additional data quality scoring, tracking data anomalies up and down stream would have high-lighted Leeson’s hidden account.

The Solidatus Solution

Think of a large international bank. Let’s say they have 20,000 traders and back-office staff across the world, each of those individuals have access to hundreds of systems and hundreds of thousands of data points. With hundreds of organisational changes at a role and access level a day, just as it was back in 1995, this is an extremely complex and often manual process requiring an exacting focus from everyone involved in the process.

To understand the complexity of what a bank is facing, we have modelled an Entitlement Process in Solidatus. We imported users and their business roles from a HR system and associated them with the Active Directory (AD) Groups and AD Group capabilities. Business rales have been applied to confirm if individuals have appropriate access to systems/data based on location, function or role.

Entitlement Process:

Looking at the model, you can see where a user is based by the country code and the name, and country of employment. Selecting one user highlights their assigned AD Groups. Adding Rules to highlight access to multiple domains can also highlight toxic access rights combinations. When you can visualise the complexity of the Entitlement Process, it becomes obvious why the high risks of providing Leeson a toxic access rights combination at Barings was not appreciated.

Data Quality:

As we look back on the 25th anniversary of the Barings Bank collapse, if there is a lesson Leeson taught us, it is that complexity creates opportunity, both good and bad. Complexity devolves us of responsibility, creates shadows and dark places to hide data. So we have to ask ourselves, if we don’t understand the complexity of our data, are we creating a perfect storm for the next Nick Leeson?

London, UK – 8 June 2020:  Solidatus, the leader in metadata management, is announcing the latest update of its award-winning platform, incorporating a freshly enriched and fully integrated Data Catalog, providing improved data management functionality.Alongside enhancements which further reinforce the industry-leading platform’s functionality and enterprise-scale visualisation, the optimised Data Catalog allows business and technology users to speak the same language by linking business glossariesdata dictionaries and data lineage models together. It effectively increases the understanding, insights and impact analysis an organisation can gain from its data by defining and mapping terms against complex data flows within their business.

In this latest version of the platform, Solidatus’ lineage-first approach to effective metadata management integrates and elevates the Data Catalog and business glossary to optimum operational relevance. It seamlessly links the business to the technical, and the physical to the logical or conceptual.

Through the improvements to the Data Catalog and overall software functionality, the platform’s highly interactive model means users can more easily trace the impact and interplay of terminology, data and technology throughout all organisational connection points.

Additional advanced features in the updated functionality include:

  • Enhanced graph analytics and new mathematic capabilities for data aggregation and visualisation
  • Applied Machine Learning to accelerate and automate glossary term assignment
  • Additional third-party connectivity for easy integration in data ecosystems
  • Enhanced configurable, audited, versioned workflow providing governance and control
  • Extended collaboration and socialisation of data assets, models and taxonomies
  • Increased dashboard functionality and customised access to models to suit user personas

This fourth-generation update was made available to all users at the end of May, with automatic updates for cloud access, and simple on-demand upgrades for non-cloud systems.

Philip Dutton, co-founder of Solidatus, comments, “We’ve listened to the modern metadata challenges faced across all industries – ease of use, scale, performance, sustainability and flexibility with demonstrable control that’s affordable – version four delivers on all of these. In this evolution, we transformed Solidatus to include our enriched Data Catalog, becoming a feature in its own right. Our industry-leading visual scale, performance and functionality has been enhanced, delivering users an enterprise-scale, easy to use, flexible, performant and tightly integrated solution. The new features work seamlessly together allowing organisations to automate, manage and understand how their data, people, process and technology interact.”

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For more information please contact:

Media enquiries             Franklin Rae PR | E: solidatus@franklinrae.com | T: 020 3011 1023
Marketing                       E: press@solidatus.com
Website                           www.solidatus.com

About Solidatus

Award-winning Solidatus, the leader in metadata management, enables the world’s largest data-rich and regulated organisations to effectively manage their data, people and processes, reducing complexity and risk through transparency, automation and collaboration. We provide organisations with a solution that allows them to fundamentally redesign their organisational data culture and capabilities by enabling the creation of a holistic organisation-wide digital map that details all the relationships that interact and impact their data, accelerating modernisation and transformation.

The Solidatus methodology for digitally transforming organisations to be data-centric and lineage-enabled is changing the way organisations manage their data. Quickly being adopted by organisations across the globe, including top-tier global financial, pharmaceutical, utility and infrastructure firms and has been implemented by leading consulting and technology firms.

London, UK – 26 MAY 2020 – Solidatus, the leading data lineage and business relationship mapping solution, today announces its interactive Collibra integration.

The Solidatus’ technical integration with Collibra enables data to be seamlessly passed between the two platforms, providing a new market-leading level of analytics, automation, extraction and real-time lineage at scale.

Solidatus’ unique collaborative approach enables it to integrate with multiple sources of data. In this case, its solution will book-end Collibra for the generation, curation and federation of business-mastered data beyond the data steward community.

Data strategy, governance and integration specialist DTSQUARED was instrumental in facilitating the collaboration between Solidatus and Collibra. By advising on clients’ typical pain points to ensure the integration between the two solutions, the consultancy ultimately created greater client capabilities for data collaboration. Such integrations are highly beneficial to end user clients, streamlining functionality between systems and bridging gaps from platform to platform, generating much more holistic and effective end results.

Solidatus’ software and its uniquely visual approach accelerates the process of distilling an organisation’s data assets into critical data elements (CDEs), reference data sets and other categorised data sets from the plethora of metadata sources available. Its advanced metadata analytics, as well as the federated collection and socialisation models, together improve the accuracy, completeness, and agreement of the data an organisation delivers into Collibra.

Key benefits of the integration include:

Accelerating Discovery and Collibra Adoption: Solidatus accelerates the tagging, rating and commentary process, rapidly annotating an organisation’s relevant data and content so that it can be automatically exported into Collibra – this is while storing the deep technical content for future discovery and visualisation.

Performant Technical Lineage & Visualisation at Scale: When a user wishes to move from Collibra Business views to a more technical, granular level, Solidatus provides the opportunity to drill down into detailed lineage at considerable scale. The Collibra user can automatically link to Solidatus and define different categories of the detailed metadata to promote greater insight, illustrate data quality, and solve other related issues.

Assurance & Compliance: Solidatus can automatically import and reflect the current approved governance models from Collibra. Solidatus exposes Collibra-governed data to the development community where they can validate, map and test future changes using the distributed source control and audit features. This provides management teams and developers with visibility, individual responsibility, assurance and control, giving them confidence that they are compliant with the agreed company governance frameworks maintained in Collibra.

Philip Dutton, Co-Founder of Solidatus, comments: “Solidatus’ integration with Collibra brings a tremendous amount of value to organisations struggling with Enterprise data governance. Solidatus seamlessly links incumbent data governance platforms enabling accelerated ROI for organisations, by reducing the challenging implementation phase of governance from years to months, and providing instant impact analysis across the governed estate. Together this allows organisations to effectively visualise, generate, govern and utilise their most valuable asset, their data.”

Toby Pearson, CEO, DTSQUARED, adds, “Solidatus’ integration to Collibra is the connective tissue allowing end user clients to really benefit from the best of both platforms. Achieving truly sustainable Enterprise data governance requires collaboration. By advising and developing the use case for an integration between Solidatus and Collibra, two key players in the market, we are further supporting our clients with expert advice on all aspects of their data landscape.”

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For more information please contact:
Media enquiries Franklin Rae PR | E: solidatus@franklinrae.com | T: 020 3011 1023
Marketing E: press@solidatus.com
Website www.solidatus.com

About Solidatus

Award-winning Solidatus is the leading next generation data management and conceptual modelling solution that effectively manages data, people and processes. It has solidified its place as one of the most influential and critical new software solutions positioned to help the world’s largest data-rich and regulated organisations manage their processes and data. It highlights gaps, declares transparency and provides a simpler, quicker and better route to implement change.

Solidatus facilitates both data lineage and business process engineering. Whether to demonstrate regulatory compliance, improve governance, assist with transformational change or optimise your data landscape, it builds a connected digital map of your organisation, reducing complexity while driving efficiency. It is uniquely engineered to build end-to-end data models more efficiently and effectively and improve an organisation’s data economy. Solidatus is quickly being adopted by organisations across the globe, including top-tier global financial, pharmaceutical, utility and infrastructure firms and has been implemented by leading consulting and technology firms.

About DTSQUARED

DTSQUARED are a specialist independent consultancy focusing on data strategy and data-related business challenges. We work with our clients to define and deliver global multi-year data strategies, modern data warehouse solutions, data governance and lineage, master data management, data quality measurement & remediation and overall program governance.

Our team of specialists are qualified and experienced in all aspects of data. We work together with clients to plan, install, extend, integrate and support a wide range of technology products. We help firms demonstrably reduce the cost of data management, return value to their business and build a lasting data strategy for business transformation and success.