Personnel Choices
Whether efforts to improve data quality and consistency are happening in reaction to regulation and standards mandates, or of their own volition, the work is generating value for data management at a time when the volume of data to be managed is increasing and the resources to handle data are more scarce.
As data managers try to derive value from data quality and consistency initiatives (whether those are driven by regulation or not), they are finding that choices concerning personnel and resources are becoming key to coping with ever-increasing amounts of data to be processed through methods set in new initiatives.
Contending with rising data volumes is more than just a technology problem, explained Brian Miller, senior vice president, brokerage technology at Wells Fargo in St. Louis, speaking on the first day of the Sifma TechExpo this week. Staffing and processes must also "clearly" be part of the response, he said. "Do we have the right roles in the organizations to manage the data? That can be anything from data integrity managers and data stewards to the technology people who implement those processes."
Considering how to organize and deploy data staff requires "thinking differently," said Miller, echoing Apple's landmark ad campaigns. "Having the ability, the courage and wherewithal to undo everything your firm grew up with allows you to free up the resources to do it the right way," he said. One example of such an effort, given by Dilip Krishna, a director at Deloitte & Touche, is taking apart multiple data stores set up to serve different purposes, and then re-investing the resulting savings in a new, consolidated method.
Regarding the personnel piece, Miller cited Wells Fargo's distributed model. "It's not only for data talent but being able to use that talent within the financial services industry, which is the real challenge," he said.
David Kowalski, an information architecture executive whose most recent role was in the financial services industry, sees a federated approach to data management also being used. "That puts a lot of thought into finding a balance between figuring out what you really want, what kind of behavior you wanted to incent, and what kind of data and metadata needs to be reported to the top of the house," he said.
Whether your data management and personnel models are distributed widely or federated, willingness to depart from traditional approaches is proving increasingly necessary, as Miller and Kowalski say.
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
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.
Hub to lay off 20% of staff, sources say
Hub’s CEO says this is simply a case of a startup trying to stay nimble and efficient; others say it points to deeper issues.
Most read
- Sell-Side Technology Awards 2024: All the winners
- Deutsche Börse democratizes data with Marketplace offering
- Sell-Side Technology Awards 2024: Best sell-side front-office platform—Bloomberg