Overview Presentation

EDM Council Overview
The Only Organization Focused on The Practice
of Data Content Management
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Formation: Established in 2005 by the financial industry to elevate the
practice of data management.
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Legal Form: 501(c)(6) non-profit trade association
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Core Objective: Ensure trust and confidence that the data used for
business processing is precisely what is expected without the need for
manual reconciliation or multiple data transformations
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Data Content Standards: Establish the standardsbased infrastructure (identifiers, common language, classification schemes)
needed for business management and regulatory oversight
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Best Practices: Document the discipline of data management (i.e.
governance, data quality, information architecture) from a practical
perspective in order to establish and maintain a data control environment.
EDM Council Affiliations
•  Member of the Financial Research
Advisory Committee (FRAC) and Chair
of the Data & Technology Subcommittee
of the US Treasury’s Office of Financial
Research (OFR)
•  Member of the Technical Advisory
Committee (TAC) for the Commodity
Futures Trading Commission (CFTC)
•  Member of the Board of Advisors for the
Data Transparency Coalition
•  Co-Chair of the Object Management
Group’s (OMG) Financial Domain Task
Force and Chair of the OMG Finalization
Task Force
•  Member of the LEI Steering Committee
•  Chair of the Open Financial Data
Forum
•  Member of the Board of Trustees for the
Ontolog Forum
•  Member of ISO TC68/Working Group 5
•  Member of the Financial Stability
Board’s Private Sector Advisory Group
Confidential
Copyright © 2014 EDM Council Inc.
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EDM Council Board of Directors
Dave Weaver Enterprise Data
Management Governance & Control
Executive
Peter Serenita Chief Data Officer
(Chairman EDM Council Board of Directors)
John Macdonald Director, IBM Risk Analytics
Amy Harkins SVP & Director of Global
Asset Servicing
Ludwig D'Angelo Executive Director
Paul Jones Director, Head of Data
Governance
Julian Dorado Head Data Management
Chief Information Officer
John Randles Chief Executive Officer
Donna Rudnicki Managing Director,
Head of Data Management
Susan Certoma COO, Brokerage
Processing Solutions
Jim Taylor VP & Managing Director
Eleanor Drew Managing Director
Tony Videtto Senior Vice President
Colin Hall Chief Data Officer
Tim Lind SVP Strategy, Enterprise Content
Philip Hill Chief Data Officer
Ron Jordan Managing Director,
Chief Data Officer
John Eley Chief Executive Officer
Adrian Boyd Managing Director,
Global Head of Client and Instrument Data
Operations
Holly Rollefson SVP and Manager Enterprise
Data Governance
Thomas Dunlap Managing Director,
CDO, Reference Data Strategy
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Copyright © 2014 EDM Council Inc.
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Four Operational Pillars
The agenda of the EDM Council is managed collaboratively based on the business and operational requirements of
our members. The current program of work is organized around these four core themes:
Implementation of the
Standards-Based (content)
Infrastructure
Documentation and
Adoption of Industry Best
Practices
Data management across
organizations with multiple lines
of business is dependent upon
the ability to uniquely identify
financial instruments/business
entities and to precisely describe
the obligations associated with
the “contracts” that form the basis
of our industry. The Council is an
active participant and recognized
expert in the development and
adoption of these standards.
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Legal entity identification (LEI)
including entity relationships
and hierarchies
Unique instrument and
product identification
Financial Industry Business
Ontology (FIBO)
RDF/OWL and inference
processing
Product and instrument
classification
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Engagement with
Regulators and Global
Market Authorities
Networking, Organizational
Neutrality and Business
Introductions
The management of “data as
meaning” is a new objective for
the financial industry. This is
about the distinction between
managing the IT components of
data versus managing the
meaning of data (i.e. definitions,
relationships and legal
obligations). The Council
documents best practice in
content management and
facilitates its adoption.
The EDM Council is an active
participant on a number of
regulatory advisory committees
and a neutral advisor to market
authorities. The goals are to help
all stakeholders understand the
data implications of regulation
and to implement rules that both
support market oversight
requirements and are in line with
the reality of financial institution
operations.
The global financial information
industry meets via the EDM
Council. We understand the
importance of networking and the
value of sustainable business
relationships. The Council is a
neutral business forum working to
enhance the practice of data
management. Firms, vendors
and regulators use the Council as
the mechanism for industry
collaboration.
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Data Management Capability
Assessment Model (DCAM)
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Design and implementation of
data content standards
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EDM Council introductions
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Facilitated assessments
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Member briefings and webbased working groups
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Industry-wide benchmarking
Transparency and linked risk
analysis
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Reporting process
modernization
Cross-border meetings and
networking events
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Data harmonization and
content alignment across the
financial system
Thought leadership series and
industry roundtables
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Global connections
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Data governance
implementation, consultation
and advice
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Dimensions of data quality
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Industry roundtables and
shared experience
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Transitive relationships and
degrees of interconnectivity
Copyright © 2014 EDM Council Inc.
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Data Management Best Practice
Custom Research and Consultation to Members on Data
Management Capabilities and Program Implementation
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Data Management Capability Assessment Model (DCAM)
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Best Practices Agenda
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Best Practice: defines the components of a data management control environment
at a practical level (fully compatible with BCBS 239/Risk Data Aggregation principles)
Assessment: provides standard measurement criteria for evaluation of data
management programs
Working Groups: sustainable mechanism for members to define the realities associated
with data management implementation
Areas of Activity: focuses on governance implementation, data quality, core data attributes,
scope of work required for remediation, and approaches for integration into operational environments
CDO Forum: Executive peer-to-peer interaction on program structure and implementation
Assessments and Benchmarking
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Facilitated Scoring: structured workshops designed to assess current capabilities and identify
strengths/weaknesses of data management programs
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Benchmarking: Industrywide benchmarking on the current state of data management
implementation across the financial industry
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Copyright © 2014 EDM Council Inc.
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Data Management Capability Assessment Model (DCAM)
DCAM is the industry standard for the evaluation of data
management programs in the financial industry based on
(1) degree of stakeholder engagement, (2) formalization of
data management practices and (3) level of program activity
Component Scope of Coverage Data Management Strategy Deﬁnes the elements of a sound data strategy, why it is important and how the ﬁrm needs to be organized for sustainable implementa9on Business Case/Funding Model Addresses the crea9on of the business case, its accompanying funding model and the importance of engaging senior execu9ve stakeholders Data Management Program Iden9ﬁes the organiza9onal requirements needed to stand up a sustainable data management program Governance Management Deﬁnes the opera9ng model and the importance of policies, procedures and standards as the mechanisms for alignment among stakeholders Data Architecture Focuses on the core concepts of “data as meaning” and how data is deﬁned, described and related (data domains, metadata, cri9cal data elements, taxonomies, common language/
ontology) Technology Architecture Addresses the rela9onship of data with the physical IT infrastructure needed for opera9onal deployment (integra9on into opera9onal environments) Data Quality Establishes the concept of ﬁt-‐for-‐purpose data and deﬁnes the processes associated with establishing both data control and supply chain management Data OperaBons Deﬁnes the data lifecycle process and how data content management is integrated into the overall organiza9onal “ecosystem” Standards and Data Infrastructure
Development of Global Data Standards
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Financial Industry Business Ontology (FIBO)
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Common Financial Language: originator of the standard for
describing the structure and contractual obligations of financial
instruments, the structure of legal entities, market data pricing and
financial processes
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Ontology: available as a formal model of terms, definitions and
relationships for the full spectrum of financial industry business
concepts (expressed as glossaries, UML and RDF/OWL)
Unique Instrument & Entity Identification
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Legal Entity Identification: active participant in the development and
adoption of the Legal Entity Identification (LEI) code and in the
expression of business hierarchies and structural relationships
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Instrument Identification: advocate for unique financial instrument
identifiers and product identification codes (i.e. derivatives, loans,
multiple listings, short term instruments)
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Classification: establishment of flexible classification schemes and
the issues related to operational implementation
Copyright © 2014 EDM Council Inc.
Data as Meaning
The Council focuses on the
“unambiguous shared
meaning” of data content
because it represents real
concepts (i.e. products,
clients, accounts, legal
entities, processes, etc.)
and real obligations
(contractual requirements,
transaction guarantees,
counterparty processes,
etc.) that are the critical
factors of input into
business and operational
processes. The practice of
data management is built
on this foundation
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Semantic Processing
Implementation of Semantic Technology (RDF/OWL) Processing
within the Financial Industry
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Operational Ontology Implementation
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Derivatives POC: Formal proof of concept to implement
FIBO for the analysis of interest rate swaps and transitive
relationships among business entities
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Technical Governance: Chair of Financial Domain Task
Force within the Object Management Group
Semantic Technology
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Business Rules: formal proof of concept on business rule
conversion into the semantic standard for automated
compliance with (and validation of) Federal Reserve
Regulation W
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Semantics Ecosystem: Coordination among industry,
academia, government and technology for shared
semantics, data visualization and executable business rules
Copyright © 2014 EDM Council Inc.
Inference Processing
Semantic technology encodes the
“meaning of data” separately from the
“structure and format of data.” Semantic
processing was perfected by DARPA (U.S.
Department of Defense) and is the basis
for the “Semantic Web” which extracts
facts from both structured and
unstructured sources. Semantic
technology is important because it
enables flexible analysis without the need
for new data tables. This makes it
efficient as well as functional. The Council
is supporting the industry-wide adoption of
semantic technology (referencing FIBO)
within the financial industry.
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Regulatory Engagement
The Council Works with Global Market Authorities to Implement Standards and
Modernize Regulatory Reporting
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Office of Financial Research (OFR)
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Commodity Futures Trading Commission (CFTC)
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Member of the Financial Research Advisory Committee
Chair of the Data & Technology Subcommittee
Member of the CFTC’s Technical Advisory Committee
Data Subcommittee on Ontology and Messaging
Global Financial Stability
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Member of FSB Public Sector Advisory Committee
EDM Council BCBS 239 (Risk Data Aggregation)
Task Force
–  Legal entity identification, relationship reporting and
systemic (linked) risk analysis
Confidential
Copyright © 2014 EDM Council Inc.
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EDM Council Members
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