Posted by Cognito on Wed, Nov 19 2014

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FIMA: The role of a Chief Data Officer in 2015

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Last week, Cognito was at the FIMA conference as official communications partner, which was taking place at the QEII Conference Centre in London. Now in its 12th year, the two day conference brought together over 200 senior data management professionals from leading buy side and sell side firms, where they sought to get a 360° perspective on how they can ready their organisations to become compliant and ensure their data is profitable.

This is the third year that Cognito has been the official communications agency for the event and it was fantastic to see such a strong turnout from market participants, and the financial and data media. Our role included media outreach and ongoing social media support leading up to the event, and during the event the team was there and heard from several experts on a variety of topics pertaining to data management in financial services.

In particular, there were some excellent sessions on the role of the Chief Data Officer (CDO) in financial services and the challenges they face, something that has been front of mind for many financial services firms.

In his opening speech, John Bottega, CDO of the EDM Council praised how far the industry has come in the past 10 years, and pointed out how the understanding and implementation of data management has improved, but that there is still a lot of work to be done.  If we look back 5 years or so, CDOs were almost non-existent, and even today they aren’t that abundant in the industry.

Some companies are only just starting to enter the data management game, suggesting that some areas of the financial services industry still don’t fully comprehend the benefits that can arise from good data management. 

An ongoing challenge facing every member of the industry from the CDO to the Data Administrators is to successfully convince the company (and crucially the Board of Directors) that time and money should be put into data management. The main problem is changing how people in your organisation perceive the importance of data and the impact it can have on their business goals.

The key takeaway from FIMA this year is that in order to have a successful data management programme, it is essential to change the way your organisation conceives and understands data management at the board level. Each person must see the benefits that good data management can bring, and understand why having accurate data so vital. We look forward to going to FIMA again next year and see how things have moved along. 

Data Management, London,
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