Prominent Vietnamese financial institution, VPBank has successfully completed a strategic initiative on Data Governance establishment with the help of consulting services from Banking Decision Enablement pioneers, iCreate. The engagement, comprising assessment, definition, roadmap & a pilot implementation was accomplished in a time span of 10 weeks. The key thrust was on knowledge transfer and thereby enabling the team in VPBank to implement the governance framework within a short span of time. Though a few banks in Vietnam have invested or are on their way to invest in data warehousing technology, VPBank is the first bank to tackle challenges in end-to-end data management through a holistic approach. Driven by VPBank’s CEO Mr. Nguyen Duc Vinh’s larger vision of instituting data as a ‘key asset’, stakeholders within the bank recognized early on that the foundation for building data-driven decision making culture meant having an EDW technology complimented by sound Data Governance policies.
As a precursor to the engagement, the CEO instituted a Data Committee with key personnel from the bank’s Board of Management (BOM) as its members. Quite unique to Vietnamese banks, the VPBank Data Committee convenes on a monthly basis and tracks the progress of various data related initiatives in addition to setting the direction. VPBank has differentiated itself further by establishing a Business Intelligence Competency Center (BICC) in early 2014 to make sure that there is an entity in the bank which can be a trusted partner for Business & IT for owning, executing and managing the data lifecycle strategy. iCreate’s globally proven implementation capability helped raise VPBank’s conviction levels; that besides crafting the Data Governance framework, iCreate had the requisite capability for ensuring successful implementation. iCreate’s premier partner in Vietnam, NetVision was actively involved in the deliberations leading to the decision.
Highlights of iCreate’s Data Governance Consulting at VPBank
- Precise, quantifiable metrics to assess current state of Data Governance.
- Exhaustive assessment to understand issues at the 3 critical levels of Data Origination, Data Storage and Data Consumption.
- Well-defined Data Governance charter with measurable targets.
- Implementation of Data Quality policy along with supporting dashboards and scorecards.
- Strategic Roadmap to implement Data Governance; with timelines and recommendations for technology and organic investments.
Benefits to VPBank
- Clear definition of Data Ownership across various business units.
- Data Governance Policies for Data Quality, Data Security & Data Ownership.
- Building blocks for EDW and advanced analytics.
- Robust roadmap for Data Governance Organization implementation.
Speaking on the occasion, Mr. Vivek Bhanot, Business Intelligence Director in VPBank, who set up the BICC and is now spearheading the Data Governance initiative, said, “To enhance our analytics capability, reduce risk and create sustainable enterprise value from the data resident in our transaction systems, we had recognized the need for implementing a strategic Data Governance practice as a first step. I am happy that we have partnered with a renowned banking technologist to help us in our journey towards better information management. We required a seasoned Banking Decision Enablement leader who could provide strategic advisory services for helping us establish a strong Data Governance practice. Given their track record in helping global banks accelerate their Data Governance initiatives, the natural choice was iCreate.”
Mr. Vivek Subramanyam, CEO, iCreate added, “An opportunity to partner with one of Vietnam’s leading financial institutions on a strategic initiative such as Data Governance is definitely a proud moment for iCreate. This engagement only further reinforces our commitment towards a data-driven banking ecosystem. I am confident that this exercise will help VPBank successfully address their current and future Data Governance challenges.”