ANZ Banking Group has successfully launched a unified data platform and architecture for risk and regulatory reporting. The bank’s risk department aims to migrate and consolidate 100 on-premise systems into 55 cloud-based systems, with a central risk data hub deployed on Google Cloud.
The data gathered will be utilized to swiftly gain insights, improve credit decision-making, enhance credit risk comprehension, and combat financial crime. Additionally, these insights will serve as a foundation for new product development.
ANZ has leveraged Google Cloud to create a unified data platform and architecture that meets the critical requirements of risk and regulatory reporting. The data is stored in a single layer with ample capacity and processed by powerful ephemeral compute resources.
While BigQuery remains the underlying technology, ANZ also employs open source tools to catalog data sources and establish a clear view of report lineage. The bank has adopted the open source dbt (data build tool) framework to facilitate data transformation and lineage tracking within the data platform.
According to Artur Kaluza, ANZ’s Head of Reporting and Modelling in the risk strategy and transformation department, the adoption of extended data transformation sequences in traditional reporting architectures often poses challenges in establishing and maintaining data lineage.
This development signifies a significant step forward for ANZ, enabling streamlined risk reporting, efficient data management, and the utilization of advanced analytics to drive informed decision-making.