Big Data Todd Goldman October 12, 2017

How Nordea Achieved Compliance for Far-Flung Data

Our Waterline Data customers are doing some great things with our Smart Data Catalog solutions—“powerful” things according to one customer in particular.

That would be Nordea, the largest financial group in Northern Europe.

Of course, achieving and maintaining “compliance” is never an easy or uniform task. But for Nordea, it was an especially tall order. The organization operates full-service branches, subsidiaries and representative offices in 16 countries. In addition to meeting all the different reporting requirements in each jurisdiction, Nordea needs to continually adapt to the constantly evolving environment while shouldering additional responsibilities as a Global Systemically Important Bank. (Due to their impact on the world’s financial health, GSIBs must contend with elevated scrutiny.)

With a distributed data environment flung all around the world, Nordea’s reliance on spread sheets and tribal knowledge for data tracking proved time consuming and expensive. Nordea also suspected its dependence on tribal knowledge invited human error, which allowed data to escape governance. There was no single repository they could look at that contained information about the specifics on what data was in each system and what was the provenance of that data. And with Nordea’s hodge podge of existing legacy systems, responding to the demands of regulators in a timely fashion was next to impossible.

Nordea’s strategy: move to a combination of Hadoop/Spark as the new data store and analytics environment while implementing a smart data catalog and native Hadoop business intelligence solution. The new environment provided Nordea with a 10x savings per terabyte of data. Also, by moving off a traditional data warehouse, Nordea can respond quickly to new data sources and new requests from regulators.

Critical to this new architecture was the implementation of Waterline’s Smart Data Catalog solutions. With Waterline, Nordea can automatically tag data as it comes in, provide quality statistics and track the lineage of that data. Now, when regulators have questions or want to stress test the portfolio for 30/60/90 days, Nordea can quickly generate the requested reports simply by querying the catalog.

In the past, as much as 80% of the time Nordea spent responding to regulator requests was spent looking for data. Now, Nordea can use that time for proactive data projects that further the business while putting more of its data to work even as it comes in—data that they know, thanks to Waterline, is secure, governed, known and safe.

Want to learn more? Check out this short customer video.