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).
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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