We recently worked with a medium-sized Saudi Arabian bank in implementing a comprehensive data management framework to meet newly established regulations. With the help of our team's expertise in the Data Management Body of Knowledge and a focus on regulatory compliance, we were able to pave the way for organizational change and create a business-focused data strategy. Read more about our case story and how we turned data management into a competitive advantage for our client!
The Kingdom of Saudi Arabia has launched its Vision 2030 strategy to advance digital transformation within the country. An essential aspect of this initiative is organized data management, which requires a standardized environment. To achieve this goal, Saudi Arabia has adopted an international framework for data management and turned it into regulations that all state-owned companies must adhere to. The chosen framework is DAMA International’s Data Management Body of Knowledge, and our company's experts happen to be founding members of DAMA Hungary. Therefore, we were ideally positioned to provide management consulting services in this project.
Through one of our international partners, we were approached to assist a medium-sized Saudi bank in creating and implementing a data management framework along the abovementioned lines. This involved developing concepts, providing training, and paving the way for organizational change, all of which had to be done remotely. Given the strict and complex new guidelines that needed to be followed, the project required the processes, procedures and policies to be formulated in one go, like taking a big leap from Level 1 to Level 10. Our primary focus was on applying the best data management practices while ensuring full compliance with regulatory requirements. Meanwhile, the client's main challenge was understanding how to apply data management regulatory requirements in practice.
What we did:
We concluded this 3.5 month project by defining all the necessary details and specifics of the data asset management practice, ensuring that they could be effectively implemented and utilized in practice. Since the transformation of data management is required anyway, why not turn it into a competitive advantage? This approach led to the creation of a transparent and business-focused data strategy that delivers numerous benefits, such as reducing operational risks, avoiding regulatory fines, minimizing reputation disruption, and enabling owners and management to make timely and confident decisions about lending strategies based on high-quality data.
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