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  • Writer's picturePhildo Steyn

Driving Data Analytics Transformation



Data Analytics Transformation to Empower a Leading Financial Services Company


In today's rapidly evolving financial landscape, data analytics plays a pivotal role in ensuring organizations can derive meaningful insights, enhance risk management, and drive operational efficiency.


This case study highlights the journey of a prominent financial services company as they overcame data analytics challenges and successfully transformed their capabilities. By leveraging cutting-edge technologies and a multidisciplinary team, the company achieved an innovative migration to the AWS cloud, broadened their functions, and emerged as a leading example in the industry.


 

The Challenge: A Change of Guard


The financial services company faced a significant hurdle when their former auditor, responsible for managing their data analytics, had to depart. Consequently, they were left with on-premise legacy components while transitioning to the AWS cloud. The company required a partner who could guide and support them on this transformative journey.


 

The Solution: Architecting a Comprehensive AWS-native Infrastructure


To tackle the challenge at hand, a team of professionals with expertise in financial services, data analytics, and risk management was assembled. This multidisciplinary team possessed a deep understanding of the auditing world, enabling them to design a tailored solution. They initiated the process by conducting a high-level architectural analysis, mapping out the necessary AWS components.


Identifying the Gap: Closing the Infrastructure Divide


The analysis revealed the need for new infrastructure, including S3 buckets, AWS Glue, Athena data catalogs, Postgres databases, Neptune databases, AWS QuickSight, AWS SageMaker, and more. Importantly, all of these components had to be seamlessly integrated into the Virtual Private Cloud (VPC), accessible only within the client's domain.


Four Dedicated Teams

1. Team 1: Ad Hoc Audit Analytics

This team established a streamlined development pipeline to cater to the client's audit requirements. From kickoff sessions to data validation and analysis, they generated exceptions, ensuring minimal false positives. Rigorous internal review processes were implemented before presenting findings to auditors.


2. Team 2: Data Engineering

Responsible for the data migration from the earlier SQL Server-based infrastructure and Tableau dashboards, Team 2 undertook the complex task of shifting the entire system to the AWS cloud. They worked collaboratively with the client's IT support team to ensure smooth operations and continuous, incremental updates to datasets.


3. Team 3: Financial Risk Analytics

Focused on financial risk analysis, this team utilized tools like Hyperion, Excel, and Power Query Access. They conducted top-down analyses of business units, performed financial stress testing, scenario-based forecasting, and other critical risk assessments.


4. Team 4: Data Management Audit

Team 4 specialized in auditing the company's Data Governance, Data Quality Management, and Data Maturity functions. They ensured compliance, identified areas of improvement, and played a pivotal role in enhancing data management practices within the organization.


 

The Results: Enabling Enhanced Capabilities


The data analytics transformation significantly expanded the range of features and functionalities offered by the client's data analytics team. By migrating to the AWS cloud, the company achieved heightened operational efficiency and automated a significant portion of their processes. Leveraging advanced technologies, they became a leading example within the group, showcasing the potential of new technologies within the realm of internal auditing.


 

Conclusion: Empowering Transformation Through Data Analytics


By effectively navigating the data analytics transformation, the financial services company successfully migrated to the cloud and expanded their functions. Through innovative approaches and the concerted efforts of a multidisciplinary team, they unlocked new levels of efficiency and capability. This journey exemplifies the power of using cutting-edge technologies and data analytics to drive organizational success in a rapidly changing landscape.


In the face of evolving challenges and opportunities, data analytics remains a vital tool for organizations across industries. Contact us if you want to talk about how technologies and data analytics can fuel your organization's innovation and drive growth.



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