CIT is a major lending and leasing company with more than $35 billion in finance and leasing assets. A member of the Fortune 500, it provides financing and leasing capital to more than one million small business and middle market clients across more than 30 industries. Post bankruptcy, CIT converted into a bank holding company. As part of its restructuring effort it was critical to develop a transformation plan to comply with regulations.
Our team developed the overall strategy, blueprint, and roadmap to build out the data management capabilities. We also evaluated the capabilities of receivable systems for standardizing master and reference data to improve the data quality and documented the accounting business rules to provide transparency and support reconciliation of receivable systems to the general ledger.
At the conclusion of this project, Maven Wave completed the development of an enterprise data governance structure and controls. This facilitates centralized data management and standard data definitions and has improved internal / external reporting and gained confidence of external regulators.