The EDM Council is a neutral business forum founded by the financial industry to elevate the practice of data management as a business and operational priority. The prime directive is to ensure that users have trust and confidence that data is precisely what is expected without the need for manual recalculation or multiple data transformations.
Program of Work
The foundation for effective data management is built upon data content standards. The Council is a long time champion and leading advocate of standards for identification of instruments and business entities; standards for defining the terms and conditions of financial contracts; and standards for classification to support aggregation and analysis. Together these standards form the baseline data infrastructure needed for business analysis and regulatory oversight.
FIBO achieves another Major Milestone as it becomes the Finance Industry Standard
All official components of the EDM Council/OMG FIBO standard can be found at
Industry Best Practices
The art and practice of managing data where ‘meaning’ and ‘precision’ is the objective is a relatively new area of focus for most organizations. Managing data as meaning (i.e. with a contractural orientation) is very different from managing data as something to process (i.e. with a technology orientation). Council members have been analyzing and documenting the practice of data management and have produced the Data Management Maturity Model (in conjunction with Carnegie Mellon University), are heavily engaged in the strategies/tactics of data quality and conduct primary research on the practice of data management.
The Council has established itself as a neutral business forum and trusted subject matter expert data management-related issues. The Council provides consultation and advice to regulators and market authorities on the data implications associated with legislative and regulatory objectives. We are members of the Financial Research Advisory Committee of the US Treasury’s Office of Financial Research, members of the CFTC’s Data Standardization Subcommittee, and active participants in the Financial Stability Board’s work on legal entity identification. We serve as advisors to industry groups as well as academic institutions on data management and are active participants/voting members of both ISO and ANSI.
The Council provides a mechanism for all segments of the global financial information industry to meet and establish business relationships. We host networking receptions, facilitate introductions and connect members to advance the practice of data management. We are proud to be recognized as the global meeting ground for the financial industry.