GFT partners with Enterprise Data Management Council to help firms adopt data management best practices
- Data Management
- 21.10.2015 01:00 am
Today, GFT, the leading business, design and technology consultancy working with the top 10 global investment banks, announces their partnership with the Enterprise Data Management (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.
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 practices over the last 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 sustainable data management processes.
Since the 2008 financial crisis, incoming regulations have tasked banks with aggregating their risk exposures and identifying concentrations of risk. GFT’s adopted version of DCAM will enhance the efforts of global banks as they prepare for the pending BCBS239 deadline, in particular. All Global Systemically Important Banks (G-SIBs) will need to be compliant to BCBS239 by January 2016, whilst Domestic Systemically Important Banks (D-SIBs) need to meet the principles within three years of registering.
“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 enterprise” says Nick Weisfeld, Co-head of the Data Practice at GFT. “Data management requires consistent measurement and evaluation in order to be effective. As we move towards the BCBS239 January 2016 milestone, 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”.
“We are delighted to have GFT on board as a DCAM partner” says Michael Meriton, Head of Commercial Services at the EDM Council. “Having a consultancy of GFT’s global reach and experience that is focused on the key data challenges within the largest investment banks, is a testament to the quality of the DCAM programme. We look forward to expanding the network of authorised DCAM partners as we continue to establish DCAM as the industry benchmark for data management”.