The Secrets of CDO Success
Repeatedly this year, Inside Reference Data has been hearing about and reporting on greater prominence for the chief data officer (CDO) as an often newly created role at firms. Other than a couple of prominent examples where a new CDO has apparently gotten authority and power to make changes within firms, the jury is still out on whether CDOs will catch on as a force in data management.
Firms are having to make the most of their available resources for data management. As Kingland Systems' Alex Olson remarked at our Toronto Financial Information Summit, CDOs can only be effective if they have clout with the business side of their firms. That implies that CDOs whose pedigree is on the operations technology side have to bridge that divide to do their job.
Are CDOs likely to get caught in a C-level turf war with chief information officers or chief technology officers? That's a distinct possibility. A CDO, especially if they come from the technology side rather than the business side, is likely to have to report to those pre-existing positions, or at least has to collaborate with them. Could this be a case of too many technologists spoiling the broth?
Should CDOs be chosen and appointed with a business focus in mind? Looking for CDOs who have a business rather than a technology pedigree is a possible solution. Another factor for how useful a CDO role can be at a firm is the volume of data it handles and the size of the data management that is necessary. Sell-side firms naturally contend with a lot more data than the buy side.
What's happening with the rank and file, however, may matter more than machinations at the top. Oliver Salvati, a data management executive at Sun Life Financial in Toronto, points to the importance of business and technology professionals working together, under any CDO who might be in charge. "An effective data manager or specialist understands developments with data from a business perspective," he says, adding that business stakeholders have to take ownership (and by extension, responsibility) for data projects if they're going to succeed.
To place this all in perspective, the CDO role appears to be catching on, but for it to be meaningful and effective, it has to mean that firms' business sides are invested in supporting the CDO's authority – and that business and technology staffs are going to work together under that authority.
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
This Week: HKEx's new derivatives platform; GoldenSource; Quonian-SimCorp, and more
A summary of some of the latest financial technology news.
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
- Waters Wavelength Podcast: Broadridge’s Joseph Lo on GPTs