‘Data Silos’ are an issue recognised by almost 50% of data management experts as being among the top two challenges facing their organisation. “It’s very challenging to manage data quality at source and ensure consistency when there is a lack of enterprise-wide capabilities,” one reference data professional commented.
The survey was conducted at the FIMA Financial Information Management
conference in Boston earlier this year. The results were published in September.
The top problem for those surveyed was regulatory/compliance requirements, cited by 36% as their number one priority. While it surprised
some FIMA delegates that only a third rated compliance as their top issue, it
is at least on the way up: In the 2012 survey, it was risk management, not
compliance, that held the top spot.
Just over half of the respondents said that sharing data across the
organisation was ‘hard’, requiring considerable manual effort. Some manual
intervention was said to be needed by 45% of respondents to enable error-free reference data workflow across the organisation (data flow was error-free 75-90% of the time), while a further 29% said little manual intervention was required (error-free rate 91-99%). Almost one-in-five required frequent manual intervention to deal with error-free rates running at below 75%.
Only 38% said that their firm’s counterparty data was accurate at the
The rise of the chief data officer?
Almost half (46%) said that they had no chief data officer, while just 15% said they had such a position in their organisation. A further 35% said they had no CDO at present, but were ‘moving in that direction’.
“The chief data officer is a new concept for many organisations. It will take some time to gain buy-in and adopt… and this goes beyond reference data, including financial data, transaction data, etc,” said one delegate.
Another delegate, Michael G Miller, HSBC Global Finance Information Architect, commented: “It is not sufficient to name someone a CDO and then believe the data problem… will soon be solved. Even deeply-experienced CDOs will require new innovative methods and tools to solve the deeper and deeper data problems we keep digging ourselves into, with ever-growing data volumes and the speed upon which our customers and regulators require us to respond.”
The FIMA survey is available from the website of the report sponsor, Fenergo, by clicking here.