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Introduction to DCAM, the Data Management Capability Assessment Model

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DCAM is a model to assess data management capability within the financial industry. It was created by the EDM Council. This presentation provides an overview of DCAM and how financial institutions leverage DCAM to improve or establish their data management programs and meet regulatory requirements such as BCBS 239.

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Introduction to DCAM, the Data Management Capability Assessment Model

  1. 1. © 2016 - Element22, LLC. STRATEGIC PLANNING FOR DATA MANAGEMENT Introduction to DCAM (Data Management Capability Assessment Model) January 2016
  2. 2. © 2016 - Element22, LLC. 1. Introduction – About DCAM and EDM Council 2. Current State 3. Benefits of DCAM 4. Backup 1. Company Snapshot of Element22 2. Reference Information and Links Contents TABLE OF CONTENTS 2
  3. 3. © 2016 - Element22, LLC. DCAM is a formal framework for data management in the financial industry developed by the EDM Council 3 Introduction: What is DCAM?  Created based on practical experience from 150 participants from leading institutions.  Capabilities orientation (standard scoring model)  Not done;  In process (low, medium, high);  Capability achieved;  Capability enhanced. Data Management Strategy Data Management Business Case Data Management Program Data Governance Data Architecture Technology Architecture Data Quality Data Control Environment Components (8) Capabilities (36) Sub-capabilities (112) Objectives (306) The Data Management Capability Assessment Model (DCAM) is a formal framework against which current data management capabilities are assessed using a consistent scoring model. 1 2 3 4 5 6 7 8 1: Not Initiated 2: Conceptual 3: Developmental 4: Defined 5: Achieved 6: Enhanced Capabilities are disorganized and performed on an ad hoc basis Initiated at the planning stages. Data Management Practices are Instance-based Engagement model being implemented. Data management practices are linked to organizational objectives Business users taking active role. Data management practices are linked to organizational objectives Data management capabilities are embedded into operations Data management capabilities are embedded into the culture of the organization
  4. 4. © 2016 - Element22, LLC. Component Scope of Coverage Data Management Strategy Defines the framework for the data management program including the goals, objectives and scope; why it is important; how it will be organized, funded, governed and practically implemented Business Case/Funding Model Provides the justification for the data management program including the rationale for the investment; the costs, benefits, risks and expected outcomes; the mechanism used to ensure sufficient allocation of resources; and the approach used to measure costs and contributions from implementation of the data management program Data Management Program Identifies the organizational requirements needed to stand up a sustainable data management program including the operational framework to ensure sustainability and authority as well as the mechanisms to establish and confirm stakeholder engagement related to program implementation Data Governance Defines the rules of engagement necessary for program implementation including the definition of policies, procedures and standards as the mechanisms for alignment among stakeholders Data Architecture Focuses on the core concepts of “data as meaning” and how data is defined, described and related; the identification of logical domains of data; identification of the underlying physical repositories; and the governance procedures necessary to ensure the control and appropriate use of data Technology Architecture Addresses the relationship of data with the physical IT infrastructure needed for operational deployment including how data is acquired, stored, distributed and integrated across the organization Data Quality Establishes the concept of fit-for-purpose data and defines the processes associated with establishing both data control and supply chain management Data Control Environment The Data Control Environment refers to the process by which the data assets of a firm are managed in order to realize their maximum value. There are three elements of the control environment: Introduction: What is DCAM? DCAM has been organized into 8 components (categories), 36 capabilities and 112 sub- capabilities 4
  5. 5. © 2016 - Element22, LLC. Introduction: Who is EDM Council? DCAM is defined and managed by the EDM Council, which was formed by the Global Financial Industry to Elevate the Practice of Data Management  Membership  160+ global member firms with over 6000 professionals  Mission  Elevate the practice of data management through best practices and data standards, and through industry and regulatory engagement  Formation  Established in 2005 as a 501(c)(6) non-profit trade association  Neutrality  Neutral business forum for all segments of the industry (financial institutions, vendors, consultants and regulators)  Coverage  Global coverage across major financial centers in North America, Europe and Asia EDM Council Affiliations • FRAC - Financial Research Advisory Committee Member • ISO TC68/Working Group 5 • OFR - Chair of the Data & Technology Subcommittee of the US Treasury’s Office of Financial Research • LEI Steering Committee • CFTC - Member of the Technical Advisory Committee (TAC) for the Commodity Futures Trading Commission • Financial Stability Board - Member of the Private Sector Advisory Group • OMG - Member of the Board of Advisors for the Co-Chair of the Object Management Group’s (OMG) Financial Domain Task Force and Chair of the OMG Finalization Task Force • Open Financial Data Forum - Chair • Data Transparency Coalition • Ontolog Forum - Board of Trustees 5
  6. 6. © 2016 - Element22, LLC. Introduction: Who is EDM Council? EDM Council is guided by a board comprised out of data executives throughout various types of institutions in the financial industry 6
  7. 7. © 2016 - Element22, LLC. The EDM Council has over 160 member firms with over 6000 professionals, ranging from financial institutions, service providers, consulting firms to data/technology vendors Introduction: Who is EDM Council 7
  8. 8. © 2016 - Element22, LLC. DCAM is available via , a cloud-based platform to streamline the assessment and analytics, review progress through the time and benchmark against peers. Introduction 8 AnalyzeBenchmark Define Assess1 2 34
  9. 9. © 2016 - Element22, LLC. Industry study in 2015 based on DCAM to determine the level of capability achieved in Data Management across the finance industry shows progress and major gaps in core areas Current State The “end user” community is adhering to the data governance policy and standards All data under the authority of the Data Management Program is profiled, analyzed and graded End---to---end data lineage has been defined across the entire data lifecycle Programs are tracking “performance and outcome” metrics Stakeholders understand (and buy into) the need for the data management program The funding model for the Data Management Program is established and sanctioned Our organization has a defined and endorsed data management strategy. View the state of data management online here at no cost 9
  10. 10. © 2016 - Element22, LLC. Having a robust data management program in place became a priority in the financial industry in the last 3 years, mainly because of regulation such as BCBS 239 10 Current State  EDM Council’s Benchmarking 2015  Over 300 Professionals  from more than 240 institutions  21 statements aligned with DCAM and defined by the EDM Council  83% of all institutions have official data management programs in place between 1 to 3 years  73% of all institutions name BCBS 239 as a key driver for their data initiatives  Just in 2015, 30% increase adding 50 new members of EDM Council to a total of 161 Strategy Business Case & Funding Program Governance Data Architecture Technology Architecture Quality Control Environment Total 3.44 3.12 3.34 3.16 3.14 3.06 2.89 2.87 3.13 Less than 1 year, 41% 1-3 years, 42% 3-5 years, 8% More than 5 years, 9% Average score per DCAM component from the 2015 DCAM Benchmarking Survey
  11. 11. © 2016 - Element22, LLC. There are several compelling reasons to leverage DCAM 11 Benefits TO UNDERSTAND CURRENT STATE OF DM CAPABILITIES  Firms use data management assessments based on industry standard models like the DCAM to clearly understand the current state of data management.  Firms leverage the project to clearly communicate strengths and priorities to stakeholders (board members, CEOs, management, employees and regulators).  Firms leverage the DCAM framework to establish common terminology for discussing data management within the organization and to help educate non data management professionals about data management capabilities. TO HAVE A STRATEGIC PLAN TO IMPROVE DATA QUALITY  Firms undertake strategic planning based on DCAM to quickly build an actionable strategic plan that is grounded in a holistic understanding of strengths, weaknesses, best practices and enterprise priorities. TO KNOW WHICH DM INVESTMENTS ARE MOST IMPORTANT  Firms perform assessments based on DCAM to prioritize investments to improve data management with greater clarity on which investments will have the greatest impact on targeted capabilities and business goals and support the business case for funding. TO BASELINE, MEASURE, ANALYZE AND REPORT PROGRESS  Firms conduct regular assessments based on DCAM so they can monitor and report data management improvements to stakeholders, data consumers and regulators in a manner that is consistent and aligned to industry standards.  Ongoing assessments are also used to objectively measure and demonstrate the impact of data management practices and programs. TO BENCHMARK AGAINST PEERS AND WITHIN THE FIRM  Firms can utilize assessments based on the DCAM to benchmark specific capabilities, locations and organizational units against each other to understand internal leading and lagging practices.  As the industry completes more assessments, firms will be able to leverage DCAM assessments to benchmark capabilities against peer organizations. ExamplesCommon Reasons
  12. 12. © 2016 - Element22, LLC. DCAM enables Benchmarking against industry peers, the financial industry or your scores from previous assessments (capability & sentiment) to demonstrate current state & progress 12 Benefits • Benchmark your firm’s capabilities against best practices and progress over time • Industry Peer group assessment on data management capabilities • Compare your firm to industry benchmark from EDM Council to see where your capabilities stand
  13. 13. © 2016 - Element22, LLC. +1 (212) 353 9616 Follow us on:
  14. 14. © 2016 - Element22, LLC. Experienced leadership Predrag Dizdarevic Edward Hawthorne Methea Tep Rohit Mathur Thomas Bodenski • CEO of GoldenSource • President of Capco Reference Data Services • CTO and CIO at Capco • External partner in Leading Fintech Private Equity Fund • Founder and Lead of Capco Investment & Wealth Management Practice • Operating Model Transformation and Strategy Consulting Partner at Capco • EVP of Managed Data Services and Data Utility at SmartStream • COO of Capco Reference Data Services • COO of Iverson • Global Lead of Enterprise Data Practice at Headstrong • Architect of KYC utility platform • Owner - Architect for Genpact’s 'Remediation as a Service' • CEO/Founder of Foxeye (consultancy focused on trading, asset management and treasury) • Global Head of Front Office Services at State Street IFS Leader of industry initiatives • Leading participant in the design, execution and analysis of financial services industry benchmarks and surveys on data management capabilities with the EDM Council. • Leader of Data Quality industry survey, addressing all aspects of data quality from strategy to architecture. • Leading industry initiative to create a standard approach to quantify and monitor data quality. • Major contributor to the formulation of the CMMI Institute’s Data Management Maturity (DMMSM) Model 1.0 and to the EDM Council’s next generation data management model – the Data Management Capability Assessment Model (DCAM). • One of the EDM Council’s first DCAM Authorized Partners and creator of the first cloud-based platform for DCAM assessments. • Organizer and sponsor of industry Chief Data Officer forums and events to promote executive discourse on industry issues and solutions. Element22 overview • We are the leading data management technology and advisory firm focused on the financial services industry. • We empower institutions to achieve more with data by measuring data capabilities and delivering quantifiable improvements. • We offer an array of specialized products and expert consulting services to help firm’s advance information management. • We are the leading provider of data management assessments based on the EDM Council’s Data Capability Assessment Model (DCAM). • Our founders and team offer deep domain expertise as recognized industry practitioners and executives. About Element22 ELEMENT22 – UNLOCKING THE POWER OF DATA 13
  15. 15. © 2016 - Element22, LLC. Solutions A focused solution to develop a strategic plan for enterprise data management in 6 weeks with prioritized recommendations to better service business needs that incorporates EDM Council DCAM capability and sentiment Assessments. A cloud-based platform for quantifying the views of stakeholder and SME communities using structured, domain-specific models (such as BCBS 239 preparedness) that yields detailed analytics and benchmarks to make better decisions. An innovative data quality measurement solution that combines uniform and easily comparable quality metrics and measurements with visualization and dynamic analysis of the results, supporting continual monitoring and benchmarks. It includes collaborative, curated cloud-based Data Rules Library based on the data quality rules of the ultimate source (e.g. exchange, issuer) with comprehensive rules search and grouping capabilities and intuitive rules design and script-based execution. Clients • Asset Managers • Pension Plans • Hedge Funds • Broker Dealers • Investment Banks • Wealth Managers • Asset Servicing Firms • Clearing Utilities • Rating Agencies • Data Vendors • Index Providers • Software Vendors Data Strategy, Governance and Stewardship • Defined and implemented enterprise data management strategy and change programs. • Defined and operationalized data governance organization structures, policies, procedures, roles & responsibilities. Operations Design and Optimization • Built global data operations organizations : defining org structures, roles & responsibilities, processes and procedures. • Optimized data operations organizations based on industry best practices to ensure ongoing compliance and quality. Business Glossaries, Data Dictionaries, Taxonomies and Ontologies • Developed full methodology for initial build, maintenance and governance of business vocabulary and taxonomy. • Established common languages and business glossaries; built data dictionaries and taxonomies. • Defined Critical Data Element (CDE) selection criteria. Defined and led CDE selection processes. Selection of Data Management Tools and Data Feeds • Defined and managed RFP process for data management technologies, i.e. Multi-Domain MDM selection including POC. • Optimized data sourcing based on specific priorities, risk and business context. Architecture and Platform Design • Developed target system architecture, transition and integration strategies for data management solutions. • Designed architectures detailing components, integrations and business processes for data management. Data Quality Strategy, Metrics and Rules • Developed data quality strategy, metrics, rules and assurance processes by defining relevant dimensions of data quality, their measurement approach and CDEs. Applied specific data quality rules for CDEs and DQ dimensions. Monetization of data-related assets • Assess and validate the value of services, technologies, and data offered by the organization to internal and external clients • Define go-to-market strategies, approaches, and branding to monetize existing data-related assets • Advise buyers or sellers on the acquisition or sale of data-related assets including software, content, or entire organizations About Element22 INNOVATIVE SOLUTIONS FOR EFFECTIVE DATA MANAGEMENT 14
  16. 16. © 2016 - Element22, LLC. Further Reading Material about DCAM, EDM Council & Solutions Optimized for DCAM 16 Reference Information Reference Information Financial Institutions Making Progress on Data Objectives Associated with Regulatory Mandates Glass Half Full: EDMC Benchmarking study indicates solid progress but a long road to robust data management lies ahead lies-ahead/ About DCAM Official Web Site of DCAM from the EDM Council Data from the EDM Council’s 2015 Data Management Industry Survey that was based DCAM can now be accessed and analyzed at no cost in Pellustro About EDM Council Official Web Site of the EDM Council About Pellustro Official Web Site of pellustro Element22 launches solutions designed to complement the EDM Council’s DCAM and support the holistic improvement of EDM capabilities