Collibra's Advanced Data Governance Solution Mitigates Industry Regulatory Risk for Banks Unique approach ensures compliance while simultaneously boosting business value of corporate data
NEW YORK, June 3, 2014 /PRNewswire/ -- Collibra, a pioneer in creating business data authority solutions for the enterprise, today announced an advanced product suite to help large, complex financial institutions directly address some of their most challenging regulatory compliance and data reliability challenges. Built on the company's highly successful Data Governance Center platform, the Financial Services Suite works seamlessly with existing enterprise data solutions and combines a host of advanced features and capabilities coveted by major banking clients.
"Regulators now require banks to know and understand their business and risk levels, and to be able to show that they do," said Predrag Dizdarevic, Partner at boutique financial services data advisory firm Element22. "This is an enormously complex task for multinational financial institutions. To be able to address these challenges with a single, trusted, turnkey solution is a remarkable achievement that I believe sets Collibra apart."
Designed for scalability, ease-of-use and quick deployment, Collibra's new Data Governance Center for Financial Services provides a new standard for consistency and accountability and can be deployed across multiple countries, divisions and business units. Initial results are quickly achieved through Collibra's best practice Ten Day Quick Start implementation package. Designed specifically to address the needs of business users from all aspects of the enterprise, the suite includes a total of three out-of-the-box building blocks to help today's financial institutions:
1) Federated organizational model. Allows large and complex financial services organizations to drive their strategic data governance compliance program across the entire enterprise, taking into account the specificities of different business units such as sales, marketing and finance.
2) Critical Data Elements (CDE) Framework. Allows financial Institutions to show regulators they can efficiently define their data based on what is critical to their business and the regulator's requirements. Comes with configurable meta-model and templates to support the CDE implementation.
3) Data Stewardship. Makes ownership and responsibilities transparent, actionable and auditable as required by the regulator. Comes with roles and responsibilities and pre-defined data stewardship workflows to streamline efficiencies.
"Financial institutions are facing mounting pressures with forced compliance to standards like Basel and the realities of their legacy data systems," said Benny Verhaeghe, VP Sales and Marketing for Collibra. "Collibra's advanced Financial Services Suite addresses both with a holistic framework that not only ensures financial institution regulatory compliance, but transforms that data so it becomes more versatile, reliable and valuable. Using our unique data authority approach that eliminates human subjectivity, we're turning the burden of compliance into an opportunity to extract real, tangible business benefits from the organization's growing volumes of data."
Collibra Corporation is the industry's only global data governance provider founded to address data management from the business stakeholder perspective. Delivered through a cloud-based or on-premise solution, Collibra is the trusted data authority that provides data stewardship, data governance and data management for the enterprise business user. Combining entrepreneurial roots with software and artificial intelligence expertise, Collibra was named a Cool Vendor for Enterprise Information Management. Founded in 2008, Collibra is privately held with locations in New York and Brussels, Belgium. For more information visit www.collibra.com.