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Data Lineage Handbook 2018

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Data Lineage Handbook 2018 Handbook Data Lineage Handbook 2018 sponsored by www.datamanagementinsight.com From A-Team Insight Data Lineage Handbook 2018 Contents Introduction 5 Overview 6 Benefits 11 Regulation 16 Challenges 22 Best practice approaches 29 Technology solutions 32 Outlook 35 Editor Marketing Operations Manager Production Manager Sarah Underwood Leigh Hill Sharon Wilbraham [email protected] [email protected] [email protected] Director of Event Operations Design A-Team Group Jeri-Anne McKeon Victoria Wren Chief Executive Officer [email protected] [email protected] Angela Wilbraham [email protected] Events Content Manager Lorna Van Zyl Postal Address President & Chief [email protected] Church Farmhouse Content Officer Old Salisbury Road Andrew P. Delaney Group Marketing Manager Stapleford, Salisbury [email protected] Claire Snelling Wiltshire, SP3 4LN [email protected] Editorial +44-(0)20 8090 2055 [email protected] Sarah Underwood Social Media Manager [email protected] Jamie Icenogle www.a-teamgroup.com [email protected] www.a-teaminsight.com Sales Director www.datamanagementinsight.com Jo Webb Client Services Manager [email protected] Ron Wilbraham [email protected] www.datamanagementinsight.com 3 From A-Team Insight LONDON New YORK October NOVEMBER 4 15 From A-Team Insight Data Lineage Handbook 2018 Introduction The critical need for data lineage and how to get it right Welcome to our handbook on data lineage, a subject that has shot up the agenda at financial institutions over the past few years as it is not only essential to regulatory compliance, but also a real benefit for the business. Among regulations requiring data lineage are General Data Protection Regulation (GDPR), Markets in Financial Instruments Directive II (MiFID II) and the US Comprehensive Capital Analysis and Review (CCAR). Others will follow, including Fundamental Review of the Trading Book (FRTB) regulation that is scheduled to take effect in January 2022. From a business perspective, data lineage has much to offer, including opportunities to get a better understanding of your data, know that the data you depend on is reliable, make smarter business decisions and explore new business propositions. Operational benefits include the ability to reduce costs and risk by eradicating redundant systems and data. By tracing how data flows through an organisation’s IT landscape from source to destination, and discovering who uses the data, when and what for, data lineage also allows data ownership to be handed over to individuals or lines of business that can best exploit the data for financial or operational gain. With so much at stake, this handbook is designed to help you build and sustain effective and cost-efficient data lineage. It discusses the nature of lineage and why it is important, considers the challenges and opportunities of implementation, touches on regulations requiring lineage, and sets out some best practice approaches and technology solutions to help you get your lineage programme right. We’ll continue to update you on the development of data lineage, its technologies and potential with blogs on our Data Management Insight website (formerly Data Management Review) – www.datamanagmentinsight.com – which will give you broader content and easier access to our leading commentary on data management. You can find out more about our data management services and sign up for webinars, events and our weekly newsletter on the website. In the meantime, I would like to thank the sponsors of this handbook for their valuable input, and wish you success as you roll out data lineage across your organisation. Angela Wilbraham CEO A-Team Group www.datamanagementinsight.com 5 From A-Team Insight Data Lineage Handbook 2018 Overview Introduction recognition of the importance Data lineage has become a of data governance and critical concern and challenge for accurate, complete and data managers working in capital sustainable data lineage. markets. Initially implemented without specific regulatory What is data lineage? requirements to track data across Essentially, data lineage covers individual development projects, the lifecycle of data, from its data lineage rose to prominence origins, through what happens following the implementation to the data when it is processed of BCBS 239 in January 2016, a by different systems, and where Basel Committee on Banking it moves from and to over time. Supervision (BCBS) rule designed It can be applied to most types to avert another financial of data and systems, and is disaster on the scale of the crisis particularly valuable in complex, experienced in 2008. big data environments. Data lineage is usually Data lineage is usually represented represented visually to show the visually to show the movement of movement of data from source data from source to destination, to destination, changes to the changes to the data and how it is data and how it is transformed by processes or users as it transformed by processes or users as moves from one system to it moves from one system to another another across an enterprise, across an enterprise, and how it splits and how it splits or converges or converges after each move after each move. Visualisation can demonstrate data lineage BCBS 239 called for improved at different levels of granularity, data aggregation and perhaps at a low level providing reporting across financial a view of what systems data markets, as well as better interacts with before it reaches accountability for data. This its destination. As granularity required enhancements to increases, it is possible to view data governance and data detail around particular data, lineage that have since been such as its attributes and the reinforced by other regulations quality of the data, at specific and by financial institutions’ points in the data lineage. 6 www.datamanagementinsight.com From A-Team Insight Data Lineage Handbook 2018 By building a picture of how data flows through an The Ws of data lineage organisation and is transformed • Where is the data from source to destination, it • What does it mean is possible to create complete • Where was it sourced audit trails of data points, • Who is using it an aspect of lineage that • Why is it used has become increasingly • When is it used necessary to meeting regulatory • Where does it flow • What is its end point requirements (more of which later) and ensuring data integrity for the business. metadata required, with scope often determined by regulatory While data lineage helps requirements, enterprise to track data from its data management strategy, origin to destination and data impact and critical data identify different processes elements of an organisation. involved in the data flow and their dependencies, In many financial firms, users of metadata management – the data lineage include business management of data that managers and analysts, describes data – is often compliance professionals, employed to capture enterprise strategy developers, data data flow and present data governance teams, data lineage. modellers, and IT management, development and support Metadata management collects personel. When considering a and integrates consistent end- data lineage programme, avoid to-end metadata throughout boiling the ocean and instead an organisation, and creates identify regulations requiring a metadata repository that is data lineage and business areas accessible and can provide to which its application could complete data lineage be beneficial. information to different user groups. Why is data lineage important? The scope of data lineage Data lineage is key to both determines the volume of regulatory compliance and www.datamanagementinsight.com 7 From A-Team Insight Data Lineage Handbook 2018 business opportunity. demonstrate exactly how they came to the results published From a regulatory perspective, in reports. Using data lineage, compliance requirements have they can not only prove the been tightened up considerably accuracy of results, but also since the 2008 financial crisis. take a proactive approach to Rather than merely producing identifying and fixing any gaps reports for compliance, in reporting data. regulations – such as BCBS Complete data lineage can also reduce the burden of regulation From a business perspective and by providing operational at a base level, data lineage helps transparency, and reducing risk financial firms stay on the right side and costs. Its metadata can help firms consolidate regulatory of regulators and avoid the penalties reporting by identifying data of non-compliance that is used across numerous regulations and move towards 239, General Data Protection processing the data once for Regulation (GDPR), Markets in multiple purposes. Similarly, Financial Instruments Directive II metadata for data lineage can (MiFID II), the US Comprehensive simplify and reduce the cost of Capital Analysis and Review implementing new regulations. (CCAR), and Fundamental Review of the Trading Book From a business perspective, (FRTB) – now require firms to and at a base level, data lineage implement data lineage to helps firms stay on the right side of regulators and avoid the FIGI penalties of non-compliance. Knowing the lineage or having accurately recorded history of changes Equally importantly, it helps to data is critical to the successful operations of a firm. The Financial Instrument Global Identifier, or FIGI, is an important component in the firms gain an understanding of identification
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