Front office involvement in data governance begins with value for customers, says Paul Childerhose, Scotiabank’s director of data governance – exposure and capital analysis
How do you go about making data governance a front-office function – something the business side gets more concerned with?
The primary function of the front office is to build relationships with prospective new customers, and to nurture and grow relationships with existing customers. Therefore, to effectively get the business engaged in data governance, begin by framing every conversation with the front office in the context of creating value for the customer.
If your mandate is data governance, communicate with the front office to help them see that accurate and reliable customer analytics for sales and marketing depend on timely, accurate and complete data.
What are the differences between master data management and enterprise data management? Are these differences semantics or substantive?
The differences are substantive. Master data management is the most challenging component of enterprise data management. It is the blueprint for how data should be organized and classified.
Master data management is the most challenging component of enterprise data management
If the data is organized and classified according to the master data management strategy, then the performance of other key components of enterprise data management, like data governance and data quality, will be greatly improved.
You can't effectively manage something you can't measure. And, conversely, you can't effectively measure something you can't manage.
Are data governance plans producing progress in terms of achieving more effective data management? How is this happening, or not happening?
A partial answer will be found in the self-assessments against ‘compliance' with BCBS239, which the global systemically important banks (G-Sibs) will complete as of December 31, and the Canadian domestic systemically important banks (D-Sibs) will complete one year later.
Firms that are employing industry developed tools, such as the DMMM and/or the DCAM, to assess their compliance against BCBS239 will be well-positioned to objectively answer the self-assessment stocking-taking questionnaire for the regulators.
Secondly, to have more effective data management, your data governance plan needs to always focus on supporting value creation for the customer. If your customer base is growing in size and profitability, credit your data governance and data management capabilities.
Anthony and James look at developments pertaining to the Consolidated Audit Trail and wonder if big-tech companies could challenge traditional asset managers.Subscribe to Weekly Wrap emails
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