Many of today’s challenges for banks can be addressed by a structured enterprise data management initiative
Data management has been pushed to the forefront today by the multi-pronged squeeze of compliance, risk management, cost efficiency of operations, effectiveness of client relationships and marketing. All of these functions rely on the accuracy of data for effective decision making. Multiple business groups like risk, operations, trading and compliance view the same information differently. This can lead to material disputes about data quality, definitions, information storage, and control. An enterprise data management (EDM) program brings all of these data-related aspects under one umbrella, holding responsibility to establish standards of conformity, integrity and reliability thereby increasing efficiency and throughput.
To be successful, the EDM team requires a deep understanding of the drivers for an EDM strategy, the building blocks of an effective EDM implementation and various design considerations.
This paper provides an overview of EDM capabilities and strategies and reviews architectural considerations and implementation aspects of an EDM program. It also summarizes the benefits accrued by an EDM implementation.