Data Assurance Service
Overview of Data Assurance
Our Data Assurance Services ensure that your data is reliable, accurate, and complete throughout its lifecycle, from extraction to migration and beyond. By utilizing proven methodologies and sophisticated tools, we help financial institutions maintain data integrity across diverse systems and complex migrations. Our approach guarantees that your data is fit for purpose, minimizing risks and enhancing confidence in business decision-making.
Key Features of Data Assurance
- Comprehensive Data Cataloging
- We create detailed data catalogs that provide a clear hierarchy of all data elements involved in the migration, helping institutions understand their data structures and relationships.
- Our cataloging process covers crucial domains like customer data, loan lifecycle details, financial background, risk management, and asset classification.
- Each data element is systematically categorized, ensuring that all necessary information is captured and validated during the migration.
- Data Extraction & Profiling
- Extraction: We extract data from a wide range of core banking and financial systems, ensuring the smooth migration of structured and unstructured data. Our robust tools extract data from legacy systems and ensure that it is formatted for the target system.
- Profiling: After extraction, we perform detailed data profiling to assess the health of the data. This includes identifying missing, inaccurate, or duplicate records. We profile over 100 data dimensions, covering everything from customer and loan information to treasury and trade data.
- Advanced Profiling Techniques: Data is analyzed for key dimensions like conformity, consistency, integrity, and accuracy, ensuring that issues are flagged and addressed before migration.
- Data Validation
- Validation: Our comprehensive data validation framework ensures that the extracted data is accurate and complete. We use over 100 validation points to check for missing or incorrect values and ensure compliance with predefined business rules.
- Multi-Level Validation: This validation is conducted across various domains, including collateral data, customer records, loan details, and account balances, ensuring end-to-end accuracy.
- Pre-Migration Validation: We offer a full suite of pre-migration checks, including trial balance reports, source-to-destination account mappings, and verification of financial records. These checks ensure that any discrepancies are resolved before the actual migration takes place
Pre-Migration and Post-Migration Checkpoints
Our pre-migration and post-migration processes are designed to guarantee the highest level of data accuracy and business continuity. We take a meticulous approach to ensure that all data is correctly transferred, validated, and reconciled between legacy and target systems.
- Pre-Migration Checkpoints:
- Perform trial balance reports and validate legacy-to-destination account mapping to ensure that financial balances are maintained during migration.
- Verification of static and dynamic data such as customer information, loan balances, and transactional data to ensure completeness before the migration process.
- Post-Migration Checkpoints:
- Post-migration verification reports compare data between legacy and target systems, ensuring that all migrated data meets the required standards.
- Comprehensive post-migration checks on areas such as customer records, liabilities, assets, and treasury data ensure that no discrepancies exist after migration.
- End-to-End Reconciliation: We reconcile financial reports to ensure that balance sheets, income statements, and other financial data are perfectly aligned with post-migration data.
Legacy and Target System Reconciliation
Reconciling data between legacy and target systems is one of the most complex aspects of any migration. Our team takes a systematic approach to reconciliation by comparing data at every stage of the migration lifecycle:
- Financial Reconciliation:
- We ensure that all balances, including general ledger accounts and customer balances, are correctly mapped and reconciled between legacy and target systems.
- Automated tools track every data point during the migration, ensuring that there are no discrepancies between the old and new systems.
- Functional Reconciliation:
- In addition to financial reconciliation, we validate non-financial data like customer demographic details, loan terms, and collateral details to ensure that all data is consistent with business requirements(Data Migration product …).
- Reverse extraction techniques: We use reverse extraction to compare data from the target system back to the legacy system, providing an additional layer of validation and ensuring 100% accuracy.
Why Choose Evolvus for Data Assurance?
- End-to-End Expertise: From data extraction and validation to reconciliation and post-migration checks, we handle the entire data assurance lifecycle, ensuring peace of mind for our clients.
- Proven Methodologies: Our structured approach to data assurance is backed by successful projects across multiple geographies, ensuring 100% success rates.
- Comprehensive Validation: We offer multi-level data validation across all key areas, ensuring that no data discrepancies are left unchecked.
- Customized Solutions: Our data assurance services are tailored to the unique needs of your institution, ensuring that we deliver the highest levels of accuracy and efficiency.
Evolvus is a Data Solutions company committed to ensuring banks and corporate customers are able to derive deep insights from data.
