How can financial institutions capitalise on technology to make the most of their risk data?

By Press Office
on Sep 27, 2021

Financial institutions have long grappled with challenges regarding risk data aggregation and risk reporting. The principles of BCBS 239 set high standards for governance, IT infrastructure and data management

Complying with the principles equips financial institutions with the tools to make the most of their risk data and risk management. Key to this are data lineage, interoperability, and data standards.

Solidatus partner Suade has launched a new webinar series where they explore the importance of data standards, artificial intelligence, and interoperability within financial services. In July 2021, Solidatus  Co-CEO, Philip Dutton, joined Suade to discuss some key areas including:
  • Interoperability: the key component to efficiency and agility
  • The importance of auditability and transparency
  • How important data quality and accuracy is when it comes to data lineage
  • The role of data standards in achieving data lineage and interoperability
  • Technology solutions for achieving compliance with BCBS 239

In this blog we discuss these topics and explain how they will affect your business.

Data Lineage 

The value of a data lineage solution is related to how easily it enables the capture of lineage data and how effectively it facilitates sharing that data across the organisation. Solidatus helps businesses tackle the four key problems around data: 

Data lineage demonstrates how organisations achieve results, with regulators highlighting how lineage is necessary for transparency and confidence in data governance. 

Where many systems are involved across multiple departments in transformational projects, lineage can play a pivotal role in mitigating risk and assessing impacts. 

With data lineage, you can have visibility of all organisational systems and dataflows, making it easy to identify redundancies and improve operational efficiencies. 

Data governance is the management and control of data where usage, accuracy and integrity of data assets are monitored. To achieve confidence in governance, you need data lineage. 

Since its inception, Solidatus has been designed to provide world-leading visualisation of lineage and the attendant metadata that informs and contextualises that lineage. Developed for their own use by practitioners with many years of experience in implementing data lineage programmes in global organisations, the founders knew that Solidatus must enable an organisation to develop a data landscape quickly, crowdsource metadata, agree terminology, and analyse data usage throughout their systems to deliver comprehensive data lineage. In addition, the solution had to facilitate effective collaboration and promote efficiencies through automation.


The ability to share information between systems and applications is increasingly important as we transition to a digital landscape. As we rely on multiple technologies, data providers and software solutions, interoperability is key to ensuring tech stacks work together.

This is especially important for achieving effective data lineage and data management. As different tech stacks and databases are connected with one another, a data lineage system must be able to trace the transformations of the data through the connected tech stacks and databases. To this end, systems must be interoperable to allow for the requisite connections to be made between different departments dealing with a particular data set. Interoperability effectively ensures that data lineage can operate across departments, databases, and systems.

For interoperability to be functional and effective, it should form an integral part of the development process for any new software. As systems no longer operate in isolation, it is essential that interoperability be built into the development process. For example, a new software tool in a financial institution should be developed with capabilities to fit into a lineage world, a data management world, and a governance world. With the continued growth in the breadth of tech stacks adopted by financial institutions, incorporating interoperability through REST APIs in the development process ensures that any new software tools do not stand in isolation.

Data standardisation

Data standardisation ensures that data across a financial institution is in the same format and on the same scale. This allows for comparability across departments. With large financial institutions, data standardisation can make a significant difference to both data lineage and interoperability. Tracking data transformations becomes a more straightforward process with standardised data because the element of data disparities is removed; there is also no longer a need to continuously redefine REST APIs.

The global open-source data standard FIRE, standardises data at financial institutions in terms of definitions in financial regulation. This ensures that financial institutions process and store the data required under financial regulation. Combining FIRE with Suade’s powerful RegTech solution makes compliance with a variety of regulatory requirements more straightforward, whilst the accuracy of data submissions to regulators is improved. Coupled with an effective data lineage solution, financial institutions are able to optimise their data flows and create a full and comprehensive picture of all data transformations to achieve effective data governance.

We’ve touched on the myriad of ways in which Solidatus can transform businesses creating previously unseen opportunities. Below, we detail how our partnership with Suade helps customers unlock the value of their data to make better decisions and answer regulatory problems.

  • Using Solidatus to map out the internal systems with which to connect to Saude API
  • Map Suade API to simplify the process of mapping and implementation in financial intuitions using Solidatus
  • Solidatus allows you to map the internal flows within Suade’s internal reporting platform
  • Use Solidatus to Model regulations to Saude reports.

Get in touch with the Solidatus team to learn more:

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Topics: Partners

Author: Press Office

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