EDM Council wishes to thank
and
for sponsoring the 2011 Industry Benchmarking Survey
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The EDM Council is a non-profit trade association created by leading financial industry participants. Its primary purpose is to address the issues and challenges associated with managing data content as a business and operational priority. This helps ensure that the data used for business processing and regulatory oversight is trusted to be fit-for-purpose, accessible when needed, easy to integrate into downstream systems and comparable across multiple sources without the requirement of additional transformation or the need for manual reconciliation.
- Founded:
August 2005 as 501(c)(6) non-profit association
- Operating Model:
Neutral business forum for all segments of the industry (originators, distributors, consumers, and regulators).
- Dues Structure:
The EDM Council operates a tiered membership dues structure for engagement in its activities.
- Board of Directors (2010):
Bank of America, Barclays, BNY Mellon, Bloomberg, Broadridge, Citigroup, Credit Suisse, Deutsche Bank, DTCC, Fannie Mae,
* Federal Reserve Bank of NY, GoldenSource Corporation, HSBC, IBM Corporation, JP MorganChase, Lloyds, M&G Investments,
Nordea Bank, Northern Trust, Royal Bank of Canada, Standard & Poor’s, State Street Corporation, SunGard, Thomson Reuters (*current Chair).
PROGRAM AREAS:
- Standards Program
- Semantics Repository: The goal of the EDM Council Semantics Repository is to standardize the terms and definitions of all reference data attributes stored in the master files of financial institutions and passed among supply chain partners. The Council is now working with the Object Management Group (OMG) to make the Repository aformal OMG standard.
- Legal Entity ID: The Council is working with regulators, standards bodies, financial institutions and other key stakeholders to develop and implement a single global business entity identifier.
- Instrument ID: The Council ishelping to facilitate the development of unique and precise identifiers forinstruments that are not covered by National Numbering Agencies (e.g. OTC derivatives, loans, short term instruments).
- Classification ID: Activity is gearing up for the modification of the classification standard to cover thecomponents needed for meaningful regulatory aggregation and analysis.
- Best Practices Program
- Data Management Maturity Model: The Council (in partnership with the Software Engineering Institute of Carnegie Mellon University) is developing an auditable measurement methodology for evaluating data management capability in language that is understandable to business.
- Global Data Management Benchmarking: The Council collects and analyzes the current state of data management across the industry on an annual basis.
- Data Quality: Created on the request of financial institutions, the Data Quality Working Group is establishing the standard dimensions and a common rule book (on an attribute basis) for evaluating data quality.
- Industry Engagement Program
- Regulatory: The Council is recognized as a neutral subject matter expert on data management. We are fortunate to have a “seat at the table” as the industry makes the shift from legislative framework to operational implementation associated with global regulatory reform.
- Academia: The activities associated with systemic risk has attracted the interest of the leading research universities and opening up partnership opportunities for joint research and new curricula development on the science and discipline of data management.
- Groups and Networking: The Council maintains an extensive network of relationships within the financial information industry and has a reputation for facilitating business introductions among and between related parties.
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Fact Sheet