Special Edition | Enterprise Data Management at the Federal Reserve Board

Welcome to the special edition of our Data Management newsletter. 

In this edition we have a very special guest who is going to share data management initiatives at the Federal Reserve Board. It is my pleasure and honor to speak with Sandra Cannon, the Deputy Chief Data Officer at the Federal Reserve Board and learn about the enterprise data management initiatives at the Federal Reserve Board since the financial crisis of 2007 and 2008. 

While the banks and financial institutions have been implementing risk management frameworks including Basel II/III, LCR, NSFR, and complying with DFAST, we were very interested to learn about the data management initiatives underway at the Federal Reserve Board to meet the increasing and dynamic data needs in support of the Board’s mission. First a little bit of background on the Fed. 

Top 10 signs for Enterprise Data Governance

  1. Silo-ed data management processes and procedures. Business units operate like independent companies. More common in large multi-national companies, or companies post mergers and acquisitions. 
  2. Inconsistent business, and technology processes that create, use, and disseminate data.  No standard operating procedures, no one way or “right” way to define, intake, process, transform, and report data. 

Risk Data Management Lessons from Bank of America?

"Financial Services is a data industry. We are not manufacturing something and sending it off the assembly line, and while currencies are physical, most of it is book entry. The firm is data” says Chief Data Officer, Peter Serenita of HSBC. 

So as data practitioners we wanted to find out what lessons can be learned from the recent $4 billion accounting error at Bank of America.