Forget big data. Just collect “smart” data
That’s the principle guiding David Saul, senior vice president and chief scientist of global provider of financial services State Street Corporation, speaking at the 2013 Americas Forum of the Society for Worldwide Interbank Financial Telecommunications (SWIFT) on March 5th.
The challenge is to identify and pull in data that allows a financial firm to calculate risks it faces in securities positions held, and exposures to different counterparties. This is not something solved with “technology alone’’, said Saul.
The effort has to be combined with industry standards on formatting of the key data and clear understanding of regulatory requirements, but it also requires, he added “robust data governance“. This includes clear identification inside an organization of who owns the data; who’s responsible for the data; and how it will be aggregated and delivered.
Robust data governance is increasingly seen as a key enabler in supporting business growth and reducing operational risk; and to achieve this clear data governance roles within an organisation are critical to the long term success of any data governance model. Being able to turn big data into useful information requires specific human knowledge and expertise.
This is a sentiment shared by Steve Cheng, global head of data management solutions at Rimes Technologies, speaking recently on the challenges of harnessing cloud computing resources for reference data management. “Storage is only one part of the story. It’s using the cloud as a technology base to bring in human expertise,” he says. “You have to be able to turn the data into information.”
The need to create useful data rather than large quantities of data comes as large global institutions face expenditures ranging from $150 million to $350 million each to comply with new post-credit crisis regulatory requirements.
Discussing issues and challenges of designing, implementing and running a data governance program on June 20 at the Buy-Side Data Management conference in New York will be Susan Short from T Rowe Price. Joining her will be speakers from firms, such as Fidelity, Wellington Management and Putnam Investments.
For further information visit the website or call 877 661 1090.