We started 2021 with some exciting deliverables and new platform feature releases in Q1. (Read about our Q1 2021 Team Successes).
Things continued to ramp up in Q2. The Basecap team developed some key processes for our clients, added major features and improvements to the Data Quality Manager, and onboarded a major mortgage servicer onto the platform.
New Deliverables
Designed and developed processes for data delivery and data quality checks for the mortgage arm of a large investment firm:
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Added 12 SBO pipelines for boarding, trial, transactions, notes, bill loader, and sub-receipt loader.
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Added 107 new rule standards to the Platform to support SBO and securitization needs. This increased the amount of data checks performed by 75% across the Platform.
Transitioned a business unit of a large national bank to a new data warehouse – a consolidated “single source of record”:
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Reconciled Physical Data Elements (PDEs) against Regulatory Data Elements (RDEs) and remediated discrepancies, ensuring data compliance.
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Trained the team on data governance processes such as data reconciliation, root cause analysis, and remediation under the new data warehouse.
Data Quality Manager Onboarding
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Onboarded a major mortgage lender to the Data Quality Manager (DQM).
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Integrated Optical Character Recognition (OCR) features with the Platform installation – enabling extraction of various data points from mortgage applications and documents to be used for verifying the accuracy of loan data.
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Added 15+ mortgage document types for OCR scanning and data extraction into the DQM automatically triggered by file saving.
New Platform Features
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Automated Workflow – allows users to orchestrate data workflow by setting up ETL dependencies based on DQ scores. (Read More)
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Issues Management – improves collaboration by giving users the ability to assign owners to specific data quality issues captured by the Data Quality Manager. (Read More)
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Other UI/UX improvements e.g. Elastic Search for people/users – improves the speed at which users can find individuals or user groups, for tasks such as assigning issues, setting permission levels, and more.
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OCR Enhancements – Improves OCR functionality to quickly extract data from documents and then run data quality checks to confirm data accuracy. (Read about the OCR use case)
Internal Process Management
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Pen Testing – conducted external penetration test and successfully passed with no vulnerabilities/weaknesses. (Using a combination of open-source, commercial and 3rd party proprietary tools).
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SOC II Type I Audit – completed external audit without incident – all required policies, procedures, audit checks, logs, and processes passed. (Based on AICPA standard)
In the near future, the team is also looking to deploy “Cross-Table Validation” and “Fuzzy Matching” to the Data Quality Manager – stay tuned!
To find out how BaseCap can help you address your data quality issues or manage your data initiatives, contact our team today!
