Management Strategies

05:10 PM
Connect Directly
RSS
E-Mail
50%
50%

Big Data, Transparency Among Top Data Management Trends, According to the EDM Council

The EDM Council's annual rundown of data-related trends in the financial industry indicates a growing understanding of effective data management.

The Enterprise Data Management Council recently released its annual "What's In and What's Out in Data Management" list for 2012. Overall, the list suggests that data management has moved past its infancy and into its "gangly teenager years," according to Mike Atkin, managing director of the non-profit industry association (edmcouncil.org).

This year's trends fall under the broad themes of regulation and the new goal of systemic analysis, maturity of the practice of data management, and infrastructure for data management. Some of the terms on the "What's In" list -- such as "transparency" and "big data" -- likely come as no surprise to professionals in the financial industry (see the entire list, below).

One of the more surprising terms on the "What's Out" list, though, is "return on investment." Atkin stresses, however, that just because a term is on that side of the list does not mean it's bad or completely irrelevant. "The conversation about ROI has shifted. There has been a shift in the nature of added value -- it's now leaning toward analytics and data visualization, and the ability to turn data into action," he explains.

"I give our industry a lot of credit," Atkin continues. He notes that data management in the financial industry has gone from being seen as "an ugly stepchild of IT" to being recognized as "a pillar of operations within a financial organization," along with IT, people and money.

Atkin adds that financial institutions are learning about data management as they go, and the industry as a whole seems to be working on it collectively. "We don't really know how to manage data as content yet," he says. "We're just figuring out how to deal with definitions, workflow, quality -- and we're learning that there's a lot to it."

WHAT'S IN

Transparency
Financial Stability
Market Surveillance
Operational Ontologies
Capability Measurement
Governance Implementation
Total Cost of Ownership
Links and Relationships
Regulatory Rule-Making
Legal Entity Identifier
Attribute-Based Classification
Interconnected
Big Data
Granular Reporting
Open Source Identifiers
Semantic Definition
Meaning
Natural Language
Data Visualization
Legal Facts
Flexible Architecture
Data Manufacturing
Data Comparability
Information as an Asset
Strategic Data Management
Added Value
Data Quality Rules
Data Management Maturity
Data Harmonization
Utilities
Regulatory Collaboration
Incremental Migration
Data Alignment
Data Lineage
Requirements Management
Business Alignment
Data Profiling
Front-to-Back Linkages
Exception Management
System of Record
Client Benefits
Risk/Compliance Business Case
Office of Financial Research

WHAT'S OUT

Disclosure
Systemic Risk
Market Abuse
Data Models
Performance Metrics
Governance Structure
Return on Investment
Structure
Legislative Objectives
Global Location Number
Hard-Coded Classification
Aligned
Data Overload
Aggregated Reporting
Proprietary Identifiers
Schema Definition
Labels
Message Syntax
Data Analytics
Data Structures
Legacy Systems
Data Remediation
Data Mapping
Data Importance
Tactical Data Management
Competitive Advantage
Duplicate Sourcing
Operational Risk Management
Data Workflow
Shared Services
Regulatory Mandate
Rip and Replace
Cross Referencing
Data Measurement
Requirements Capture
Top-Down Management
Data Cleansing
Transformed Truth
Find and Fix
Golden Copy
Value to Business
Logical Business Case
Systemic Opacity

[For more on the big data revolution, see related article.]

Previous
1 of 2
Next
Comment  | 
Print  | 
More Insights
Register for Bank Systems & Technology Newsletters
White Papers
Current Issue
Bank Systems & Technology - August 2014
Modern core systems are emerging as the foundations of effective channel integration and customer engagement initiatives.
Slideshows
Video
Bank Systems & Technology Radio
Archived Audio Interviews
New IT Models for New Financial Services Challenges