August 31, 2010 - Just how much is your firm doing to ensure accurate and consistent enterprisewide data?

That question could be answered Sept. 15 when New York-based trade group Enterprise Data Management Council and Headstrong, a New York based financial services IT consultancy, will release the results of an online survey of about 65 fund managers, broker-dealers and universal banks worldwide. One-to-one interviews were conducted with 30 of those firms.

Among the questions asked: who is responsible for enterprisewide data management project and for which financial instruments; the scope of their budgets and which department was responsible for overseeing the project. Some firms categorize data management as an IT function while others say it falls under the operations or finance department.

“We hope to gain a snapshot of where firms are in relation to their peers when it comes to data management initiatives,” says Daniel Molta, business development manager for enterprise data management at Headstrong.

Also helping to design the survey were U.K. research firm Lepus and element 22, a New York-based data management consultancy.

The benchmarking study comes at an opportune time for the financial industry which is now faced with new regulations on how they must collect, store and report data. Buried in the Frank-Dodd financial reform bill is the creation of the new Office of Financial Research aimed at collecting data from financial firms necessary to measure systemic risk.

Headquartered in New York, the EDM Council has been keen to educate financial firms on the need to improve their data management capabilities and to develop reference and counterparty data identification standards and semantics.

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