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
People Moves: NorQuant, Tradition, Duco, HKEx, SimCorp, Hazeltree, Xceptor, Broadridge, and more
A look at the past month’s people moves in the capital markets technology and data space.
Northern Trust building internal cloud data ‘marketplace’
Using a mix of in-house expertise and third-party technologies, the firm has constructed a cloud-based data mesh that gives internal staff access to proprietary datasets and analytical tools to deliver greater insights into client activity.
FactSet looks to build on portfolio commentary with AI
Its new solution will allow users to write attribution summaries more quickly and adds to its goal of further accelerating discoverability, automation, and innovation.
How Ally found the key to GenAI at the bottom of a teacup
Risk-and-tech chemistry—plus Microsoft’s flexibility—has seen the US lender leap from experiments to execution.
The IMD Wrap: Beginning of the end for data audits?
This week, there’s exciting news for data bean-counters in the form of a partnership between two vendors that could change the way we view and track data usage and audits.
Symphony boosts Cloud9 voice offerings with AI
The messaging and collaboration platform builds on Cloud9’s capabilities as it embraces the AI wave in what CEO Brad Levy calls “incremental” steps.
MSCI counts the cost of bank M&A, looks ahead to custom indexes, AI
Cancellations of overlapping contracts following a bank merger put a dent in MSCI’s earnings, but management remains upbeat about the potential of recent acquisitions and new technology developments.
Nasdaq reshuffles tech divisions post-Adenza
Adenza is now fully integrated into the exchange operator’s ecosystem, bringing opportunities for new business and a fresh perspective on how fintech fits into its strategy.
Most read
- Chris Edmonds takes the reins at ICE Fixed Income and Data Services
- DTCC urges affirmation focus ahead of T+1 move
- FactSet looks to build on portfolio commentary with AI