About a-team Marketing Services
The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

EDM Council Data Management Benchmark Highlights Need to Improve Data Quality

Subscribe to our newsletter

The Enterprise Data Management (EDM) Council’s 2017 Data Management Industry Benchmark Summary illustrates the highs and lows of data management across financial services firms. On the upside, firms have made progress in establishing data management programmes and implementing foundational governance. On the downside, data quality issues remain.

The Council’s 2017 benchmarking study was carried out in partnership with Sapient Consulting and Element-22/Pellustro. It consists of 22 questions derived from the Council’s data management capability model (DCAM) and makes comparisons to a previous study performed in 2015.

Headline results identify risk management and trust in data – or data quality – as key data management drivers across the industry. These drivers are reflected in data management priorities, which from a regulatory perspective include defining critical data elements (CDEs), improving data quality and implementing governance. From an ops perspective, top priorities are metrics and commitment from stakeholders, and from a sustainability perspective, ecosystem collaboration and technical integration.

The study shows some progress in data harmonisation across repositories, driven by BCBS 239, and similar progress on recognition of the importance of CDEs and the determination of CDE criteria.

While the study shows improvement across many aspects of data management, data quality remains a sticking point, with control mechanisms and checkpoints being defined and implemented, but in an uneven and bifurcated way at both early and advanced capability levels. Adding to the data quality challenge, little progress has been made on identifying and addressing root causes of data quality problems, although the industry is engaged in defining an approach to determine root causes.

Michael Atkin, managing director of the EDM Council, sums up the study, stating: “There are clearly some bright spots for the practice of data management. We have made progress in overcoming the inertia of organisational change management. But the underlying truth remains – we can’t respond to regulatory pressure, achieve automation or put data to work until we fix underlying data challenges.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Enterprise Solutions – Entity Remediation

This webinar has passed, but you can view the recording here. Devesh Shukla, Global Head of Reference Data Product Development, Bloomberg and Peter Warms, Head of Product Development for Global Data and Symbology, Bloomberg discuss entity remediation. Webinar Date: February 28, 2014 Speakers: Sponsors:  

BLOG

BankInvest Selects IHS Markit EDM Managed Service to Support Next Phase of Growth

Danish asset manager BankInvest has selected IHS Markit’s enterprise data management (EDM) managed service as part of a transformation based on an increase in market share over recent years and designed to upgrade operations systems to support the next phase of growth. The firm already uses the vendor’s corporate actions solution. The IHS Markit EDM...

EVENT

Data Management Summit London

Now in its 13th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore the evolution of data strategy and how to leverage data to drive compliance and business insight.

GUIDE

Regulatory Data Handbook – Fourth Edition

Need to know all the essentials about the regulations impacting data management? Welcome to the Fourth edition of our A-Team Regulatory Data Handbook which provides all the essentials about regulations impacting data management. A-Team’s series of Regulatory Data Handbooks are a great way to see at-a-glance: All the regulations that are impacting data management today A...