Governance, Risk, and Compliance
Empowering banks to manage risk and drive compliance with confidence
Element’s Define-Ingest-Curate-Expand (DICE) model for Data Governance is a structured, phased approach to managing data assets within an organization. The model focuses on ensuring data quality, accessibility, and security while driving business value from data assets. The model helps organizations gain better control over data, streamline processes, and promote accountability across the enterprise.
Key Business Benefits You’ll Realize
Partnering with Elements for Talent Scaling delivers measurable ROI and strategic value
- Regulatory Compliance : Reduces exposure to fines and legal penalties by ensuring adherence to data governance and privacy regulations.
- Improved Data Quality : Reduces financial losses from bad data, which can cause 15-25% revenue loss in banking due to incorrect risk assessments and credit decisions.
- Scalability and AI-Readiness : Supports real-time data processing and analytics, enhancing predictive capabilities in financial operations.
- Increased Customer Retention : Strong governance improves customer confidence by securing sensitive financial data.
- Cost Savings : Streamlines data ingestion, classification, and lifecycle management to reduce data processing inefficiencies.
Modern Business Challenges Demand a Smarter Approach
Banks and financial institutions often struggle with siloed compliance efforts, inconsistent risk frameworks, and limited visibility into governance activities. As regulatory requirements evolve and risk exposure increases, many organizations lack the tools to proactively manage and align governance, risk, and compliance across departments-leading to audit gaps, operational inefficiencies, and increased exposure to reputational and financial risk
Financial Penalties
Organizations have faced fines totaling billions of dollars due to breaches and data privacy issues
Revenue Loss
Bad data costs and poor data quality can lead to incorrect risk assessments and erroneous credit decisions, leading to a loss of revenue.
Customer Retention
Data breaches cause customers to leave their financial institutions, underlining the need for stringent data governance to maintain customer loyalty.
Dice Model Overview
Element’s DICE model is a structured approach to data governance, focusing on data quality, accessibility, and security.
Define
several key elements are operationally recorded and included to establish a solid foundation for the program. We will look at each of the elements in details in this document and later in other chapters dedicated to each of the elements.
Ingest
The Ingest phase in a data governance program refers to the process of acquiring, importing, and integrating data from various sources into a central platform or repository to be managed and governed.
Curate
The Curate phase in a data governance program involves organizing, enriching, and managing data to ensure it is high-quality, trustworthy, and usable across the organization.
Expand
Broadening the scope and scale of governance practices across additional data domains, business units, or geographical regions. The Expand phase is where the organization expands these capabilities across the enterprise.
Use Case
- Business Challenges : A midsize bank had several data governance and privacy challenges, influenced by the evolving regulatory landscape and the broader digital environment.
- Element’s Solution : The DICE Model of Governance helped the bank in its initiative to undergoing digital transformation to manage risk, security, and compliance.
- Outcome : The bank achieved its compliance goals while improving customer confidence, security, and regulatory alignment.
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Frequently Asked Questions
What is Element’s GRC solution?
Element’s GRC solution is an integrated framework that helps banks and financial institutions manage regulatory compliance, identify and mitigate enterprise risks, and enforce governance standards across the organization. It unifies policies, controls, and risk data into one centralized platform.
What problems does this solution solve for financial institutions?
It addresses fragmented risk tracking, inconsistent compliance processes, and manual governance workflows. By centralizing and automating these functions, Element’s GRC solution reduces audit fatigue, strengthens risk posture, and ensures real-time visibility into regulatory obligations.
Can the solution be tailored to our regulatory environment and internal policies?
Yes. Element’s GRC framework is highly configurable to match your specific regulatory landscape (e.g., FFIEC, Basel III, SOX, GDPR) and internal governance structures. We help map controls and risks to your policies, business units, and regulatory requirements.
How does Element’s GRC platform improve decision-making?
The platform offers real-time dashboards, automated risk scoring, and policy/control mapping. This allows leadership to make proactive, data-driven decisions on risk mitigation, compliance gaps, and control effectiveness—rather than relying on static, outdated reports.
What type of organizations benefit most from this GRC solution?
Mid-sized to large banks, credit unions, and financial services firms benefit the most-especially those operating in complex regulatory environments or undergoing digital transformation. It’s ideal for organizations looking to scale governance efforts without increasing overhead.