Another interesting topic from last week’s FIMA conference was the discussion about how to ensure the profile of the data management function is sufficiently recognised as important, both within financial institutions – by the board and the business users downstream – and within the industry at large. The data management challenge may have been thrown into the spotlight by recent regulation and incoming data quality requirements, but is the industry in need of a champion to light the way?
Internally, there is no doubt that data management teams with a champion willing to fight their corner with regards to budget and scope tend to succeed where others may fall by the wayside. After all, many a FIMA panellist has spoken of such ‘data Rambos’ with some degree of reverence over the years. Strategic positioning and vision has also helped the recent legal entity identification (LEI) work get off the ground in regulatory circles. But, as noted by a number of delegates and panellists last week, there is no crack team of chief data officers out there to champion the interests of the data management industry.
Does the industry need such a team? If so, whom should they be comprised of and how should they go about delivering the message to the wider financial services industry at large? One also needs to factor in the day job, which leaves limited time for data crime fighting outside of their own firms. Nevertheless, many I spoke to were adamant that such a team should be made up of practitioners rather than those that are one step removed from the industry.
Perhaps next year’s event circuit will see such a team emerge from the back office, in the meantime we’ll have to rely on the silver screen for inspiration.
I know who I’m voting for as the data management versions of the Hulk, Thor and Captain America… http://www.youtube.com/watch?v=eOrNdBpGMv8