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Team members:
Jon Hill, Director, Data Analytics, with:
Country: United Kingdom
Organization: Macquarie Group Limited
Macquarie is a global financial services group operating in 34 markets in asset management, retail and business banking, wealth management, leasing and asset financing, market access, commodity trading, renewables development, specialist advisory, capital raising, and principal investment. The diversity of our operations, combined with a strong capital position and robust risk management framework, has contributed to our 53-year record of unbroken profitability.
Awards Categories:
Dataiku was already in broad use for pre-trade analytics across Macquarie Group’s Commodities and Global Markets (CGM) business. However, a gap in embedded governance and control functionality limited the applicability of the platform when it came to important operational processes within our highly regulated industry.
Further, technology applications that supported important operational processes relied heavily on specialist technology team expertise to act as a conduit between the platforms and the internal end-users of the data sitting in CGM.
As a business, CGM has a strong track record partnering with clients, understanding their needs and providing tailored solutions. There was a strong appetite to further extend and develop our digital capabilities to support this, working in partnership with Technology and leveraging advanced analytics to drive revenue and scale product offerings.
Our challenge was three-fold, to deliver:
Having used Dataiku at scale for pre-trade analytics, the team at Macquarie leveraged this experience to unlock our ability to use Dataiku for operationally important workloads. Most significantly, this meant we extended the use of Dataiku in ways previously not envisioned, to satisfy the business need for autonomous, governed access to trade data.
How? Working closely with Dataiku for integrated data governance through the introduction of Dataiku Govern, meant we could confidently push to production and test all changes and developments at our desired pace. The resulting platform serves as an aggregation and modeling layer, enabling us to bring in trade data from different businesses, systems, and regions, producing metrics and anomaly reports for our control functions.
Prior to Dataiku Govern, the lack of embedded governance prevented us from leveraging Dataiku for these use cases. Solving this challenge by extending use of Dataiku means we are leveraging the functionality of an established advanced data analytics platform against a backdrop of continual improvement of our control environment.
Further, through the low to no-code solution provided through Dataiku, CGM stakeholders are now empowered to own the majority of risk-related tasks without a dependency on the Tech organisation. This supports greater autonomy amongst individuals who know the business and increased speed of our delivery cycle in a governed, streamlined and transparent way.
More on the technology approach: The quality and accuracy of data is critical in enabling business agility for data automation, analytics and reporting for operationally important workloads. As a result, the right level of assurance and controls are needed to permit workloads to be built on Dataiku. To support the project, Dataiku is integrated with a cloud data warehouse. We adopted an iterative approach, solving input by input, given the global diversity of our business and industry. This methodology proved effective in simplifying our solution.
The solution is a key enabler in meeting regulatory obligations, promoting confidence in our processes for analysis, monitoring and reporting, and ensuring data is protected. Through trusted, accessible, governed data, the business is competitive in a fast-moving industry, can respond to evolving regulatory requirements quickly and realise efficiencies in time and cost.
Through Dataiku, we have met the business challenges that were posed. With the introduction of Govern, we are now able to move our operationally critical and important workloads across and shift from IT-dependent to business-driven and owned outcomes, increasing the agility and speed of change without compromising governance.
The benefits for our organisation are:
Business Area Enhanced: Risk/Compliance/Legal/Internal Audit
Use Case Stage: In Progress
With the inclusion of Dataiku “Govern”, Macquarie has been able to leverage advanced data platforms beyond the traditional analytics space and within operationally important area. Use in these areas require the additional controls and governance capabilities of Govern to ensure data is trusted: that is, accurate, complete, timely and accessible.
We have confidence that data product outputs are of a very high quality and our business can make decisions based on that output.
With embedded governance controls, Dataiku is being used as the business data transformation platform to:
We also were able to upskill our business team to use Dataiku through training and support with a dedicated Dataiku Partner, leveraging their skills and experience to further speed the upskilling process.
Value Type:
Impressive