Going on the Offense
Data management proves more effective when stakeholders take an active interest
At this week's Risk Data Aggregation breakfast briefing hosted by Inside Reference Data and sponsored by Numerix and S&P Capital IQ, John Bottega, senior consultant at the EDM Council, urged attendees to take an "offensive posture" (as opposed to "defensive" reaction to regulation) in their data management efforts.
The challenge in trying to take that offensive approach is the number of parties within a firm that all have an ownership interest in the data, as Ulku Rowe, managing director, credit risk technology, JPMorgan, pointed out. "Now, when there is a problem, there are 15 people you have to call, and you're trying to figure out who understands it," she said. "It takes a village of people—but this is a village without a phone book. You need to know who owns the parts of the data."
To go on the offense—and weave through multiple parties who are interested in the data to find the ones who are most relevant—constant assessment is necessary, as Sumanda Basu, senior vice president of internal audit and data governance at Citi, described. "I ask people in my business if they have really spoken to their customers, who may be in enterprise risk, and asked what they want, what particular data they have and what they want from it."
People who are having issues with data are asked if they have really exchanged information about the boundaries of their data and if they have incorporated others' departments into their infrastructure. In many cases, they have not, Basu related. "Data is not there in most of the important developments," he said. "The most important thing is to talk with internal customers in your organization about what they need. Their requirements become your requirements for infrastructure. Take ownership from there."
Numerix chief strategy officer Satyam Kancharla amplifies this thought, saying the major issues are not technology issues, but related to people, processes and incentives. "Tie it back to what the business wants to do and what the business priorities are," he said. "There has to be business sponsorship at the highest level."
Taking an "offensive posture" in data management means consistently thinking about the data issues in terms of the people in the organization with interests in the data, assessing their needs and issues, and directing the data through the mazes that often exist in large organizations.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@waterstechnology.com or view our subscription options here: http://subscriptions.waterstechnology.com/subscribe
You are currently unable to print this content. Please contact info@waterstechnology.com to find out more.
You are currently unable to copy this content. Please contact info@waterstechnology.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Printing this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. Copying this content is for the sole use of the Authorised User (named subscriber), as outlined in our terms and conditions - https://www.infopro-insight.com/terms-conditions/insight-subscriptions/
If you would like to purchase additional rights please email info@waterstechnology.com
More on Data Management
Chris Edmonds takes the reins at ICE Fixed Income and Data Services
Edmonds is now leading ICE’s fixed income and data business as the rush to provide better data and analytics in fixed income builds.
Deutsche Börse democratizes data with Marketplace offering
Deutsche Börse Group is set to unveil its Marketplace, a one-stop data shop designed to simplify and streamline data acquisition and consumption for its clients, while also surfacing data from across the firm to its own users. Jan Stiebing and Sven…
DSB says industry is ready to meet UPI mandate ahead of deadline
The Unique Product Identifier will be required for certain OTC derivatives in the EU at the end of April, following US adoption in January.
Mapping a successful data journey: strategy, execution and sustainability
A well-planned data journey can positively impact an organization’s long-term trajectory. However, it is important to have clarity not only in the strategy but also in successful execution and sustainability for the long haul, argues data veteran Subbiah Subramanian.
The IMD Wrap: The growing data catalogue space
With their potential to manage costs and surface strategic datasets, it’s no wonder Max gets excited about data catalogs. This week, he takes a look at a new startup entering the space.
LSEG to sunset Redi EMS in favor of Tora
Sources say competitors will look to seize on the decision to win over Redi’s sizeable US client base.
The IMD Wrap: Taking stock of inventory management
With market data and associated costs typically representing a firm’s third-largest expense, there’s a lot of incentive to manage data and its usage more efficiently. Max flings open his fridge to illustrate what’s new in this space.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- Deutsche Börse democratizes data with Marketplace offering
- Sell-Side Technology Awards 2024: All the winners