We’d like to introduce you to a new member of our industry advisory council: Carl Reed, formerly managing director at global financial services company Goldman Sachs and Credit Suisse. Carl is an expert in data discovery and analytics for financial institutions, and recently participated in our Tweet Chat earlier this month on “An Insider’s View: Finding Value with Data Engineering & Semantic Standards in Finance.”
The financial industry is facing a perfect storm of disruptive drivers for data management. While regulators seek accuracy and transparency, institutions are struggling with fragmented data and IT infrastructures. The path forward is “data engineering” – applying consistent semantics with scalable infrastructure to harmonize data and enable traceable and dynamic analytics.
We are at an inflection point in the financial services industry. The evolving and overwhelming demands of regulatory compliance have forced organizations to acknowledge the need for data governance and most are developing their strategy.
State Street Bank, The EDM Council, Dun & Bradstreet, Wells Fargo and Cambridge Semantics completed an engagement to harmonize State Street's Interest Rate Swap data with Dun & Bradstreet's entity hierarchy data using the Financial Industry Business Ontology (FIBO) and Cambridge Semantics' Anzo Smart Data Lake®.
Mike Atkin of the EDM Council speaks eloquently about the "perfect storm" for data in Financial Services. Two converging forces, regulatory reporting requirements and the need for customer insight, are placing unprecedented demands on the data infrastructure in most financial institutions.
Data integration projects can be time consuming, expensive and difficult to manage.Traditional data integration methods require point to point mapping of source and target systems. This effort typically requires a team of both business SMEs and technology professionals. These mappings are time consuming to create and code and errors in the ETL (Extract, Transform, and Load) process require iterative cycles through the process.