by Angela Guess
A new article takes a look at the results of a recent report issued by the Enterprise Data Management Council regarding which data management trends are in and which are out. The article states, “Among the top forty-three unpopular [trends]: disclosure; global location number; data overload; operational risk management and golden copies. The goal of all regulators is to eliminate systemic opacity — the inability to view which financial entities are trading which types of securities or contracts when, for how much and with whom. Ensuring that data is transparent is the task of the newly created Office of Financial Research, which the U.S.’ Dodd Frank Wall Street Reform Act has designated the organization to measure systemic risk.”
The article continues, “Transparency and disclosure may sound synonymous, but they are quite different, explains Michael Atkin, managing director of the EDM Council in New York. Transparency is a far more sophisticated form of disclosure where regulators, investors — and financial firms — themselves understand the source of the data and can interpret just what it means. Doing so will require the use of operational ontologies, semantic definitions, and data lineage to reduce the potential for inconsistent, duplicative data in multiple silos and retain an appropriate audit trail. Relying on a golden copy located in a centralized repository to feed downstream applications won’t be enough.”
Read the full list of what’s “in” and “out” here.
photo credit: BlackHawkTraffic
