Stewarding Data: Why Financial Services Firms Need a Chief Data Officer

May, 2015. Capgemini Consulting and Efma (the global non-profit association of retail financial services companies).

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Analysis of interviews of senior executives assessing data management maturity reveals that financial services lead other industries in the adoption of CDO roles. Capgemini Consulting and Efma then go on to argue that there are 3 effective governance models for big data initiatives.

Based on two recent surveys of “1,000 senior decision-makers from across nine industries” and “226 senior Big Data executives” this report argues that the role of Chief Data Officer is essential for financial service firms – as essential as the CMO. This is despite the proliferation of other ‘new’ C-level roles such as Chief Digital Officers, Chief Innovation Officers, Chief Risk Officers, etc. The reasons stated are:

  • A Siloed Approach to Data Governance Raises Non- Compliance Risks
  • The Lack of Central Oversight Impacts Effective Use of Big Data

and data has become mission-critical in financial services.

The report then argues that the core role of the CDO is to establish data as a corporate asset with an enterprise-wide data governance structure based on one of three possible models (see

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