The event follows on from GFT’s recent announcement of a partnership with the EDM Council to support firms in the adoption of best practices for data management. Part of the service is the offer of a health check for banks to assess their data quality best practice. Nick states that “To attain the data management capabilities demanded by new, even more onerous regulations, firms will need to establish responsibility and accountability for data ownership across the entire organisation.”
Nick also added that “Data management requires consistent measurement and evaluation in order to be effective. As we move towards the deadline for BCBS239 in January 2016, the focus will change to embed the principles into the ‘run-the-bank’ environment. We see DCAM as providing an excellent framework in order to measure and benchmark that journey”.
The Data Management Capability Model (DCAM) Authorised Partner Programme was officially launched by the EDM Council in January 2015 having been formulated from industry best practice over the 10 years. Designed by the EDM Council's data management professionals to address the operational challenges that arise during regulatory implementation, it will assist financial institutions in complying with stricter requirements on data management capabilities, including BCBS239, EMIR and MiFID II. The programme documents 37 essential capabilities and 115 sub-capabilities associated with the development of a sustainable data management programme.
At Thursday’s EDM Council meeting, there will also be a roundtable discussion in which various initiatives such as FIBO, Best Practice, Industry Collaboration and Regulation will be debated.