The EDM Council has identified, categorised and analysed the Enterprise Data Management (EDM) issues of most concern to its members. This follows the Council’s in-depth research with more than 60 industry representatives to determine the current status of EDM within the financial services industry.
Both internal objectives and external requirements have been translated into an actionable plan comprising four priority work streams. These include business metrics, best practice implementation, supply chain management and regulatory tracking.
The results were presented to members at the Council’s recent general meetings in New York and London.
“This plan is indicative of where financial institutions are as they move towards achieving true enterprise-wide data management,” says Michael Atkin, the MD of the EDM Council. “The good news is that virtually every organisation understands and accepts the importance of data control. In most cases they have initiated activity designed to improve data quality, ensure access to underlying data assets and promote consistent data interchange throughout the transaction process, both within their organisations and among the industry at large. The Council’s activities are now focused on addressing the practical challenges required to translate EDM theory into EDM reality.”