The EDM Council is a not-for-profit business forum for financial institutions. It was created to enable senior officers responsible for data management to share information on the business strategies and practical implementation realities associated with effectively managing data assets on an enterprise-wide basis. The Council has three core objectives:
1. Global EDM Meeting Ground: Provide an efficient mechanism for members to meet and interact with their peers as well as be an advocate for the objectives of EDM in both public and private forums;
2. Best Practices for EDM Implementation: Collect metrics, conduct research and document successful approaches/best practices to support the EDM execution objectives of members as they make the transition from managing data content on a business/data-silo (vertical) to an enterprise-wide (horizontal) basis; and
3. Manage the EDM Supply Chain: Specify requirements to external suppliers (data manufacturing and commercial objectives) and implement the core identification standards necessary to integrate data content into applications, report to business units/regulators and efficiently exchange data among counterparties (symbology, taxonomy and classification objectives).
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EDM Council Goals
The members of the EDM Council agree to the following core principles:
- Data that financial institutions trust and have confidence in to be ‘fit for purpose’ for all data intensive applications with minimal reconciliation
- Data that is easy to integrate into systems, share internally and communicate throughout the supply chain
- An efficient chain of data supply where attributes are tagged correctly without the need for multiple transformations
- A competitive information marketplace with a focus on the creation of added value and convergence to industry standards/best practices all guided by an operating model based on reasonable contractual/administrative terms and conditions
The EDM Council is a not-for-profit business forum for financial institutions. It was created to enable senior officers responsible for data management to share information on the business strategies and practical implementation realities associated with effectively managing data assets on an enterprise-wide basis. The Council has three core objectives:
1. Global EDM Meeting Ground: Provide an efficient mechanism for members to meet and interact with their peers as well as be an advocate for the objectives of EDM in both public and private forums;
2. Best Practices for EDM Implementation: Collect metrics, conduct research and document successful approaches/best practices to support the EDM execution objectives of members as they make the transition from managing data content on a business/data-silo (vertical) to an enterprise-wide (horizontal) basis; and
3. Manage the EDM Supply Chain: Specify requirements to external suppliers (data manufacturing and commercial objectives) and implement the core identification standards necessary to integrate data content into applications, report to business units/regulators and efficiently exchange data among counterparties (symbology, taxonomy and classification objectives).
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EDM Council Agenda Summary (benefits)
Business Metrics : The Council is a mechanism and repository for the collection of business metrics. Activity has been organized into metrics related to data quality (for determining root cause of problems and setting priorities, quantifying the risks associated with poor data quality, negotiating with suppliers and building confidence among business units for centralization efforts) and EDM performance (for evaluating the cost/return on the investment in EDM, measuring program effectiveness, and determining the revenue contribution related to more effective data management across functions and silos). Business Metrics Working Group
Implementation Best Practices : The Council is building a standard EDM member profile as an industry-wide baseline for measuring progress on implementation; documenting successful EDM initiatives as a resource library for member consultation; and conducting primary research on the core areas where deeper analysis is required for EDM advancement. Implementation Tactics Working Group
Standards Implementation : The Council is focused on implementation of the three core identification standards (instrument symbology, data element taxonomy, and legal entity identification) required for effective content management. Staff has direct experience with the global standards process and is recognized by standards bodies, utilities and financial institutions as a leading standards advocate. Standards Implementation
Supply Chain Management : The Council is marshalling resources to address the data manufacturing process of suppliers, promoting standard data element mark-up at the point of content origination and rationalization of both commercial models and the contractual policies governing data usage rights. The EDMC is recognized as a neutral facilitator between originators, distributors and consumers and has earned the trust of participants throughout the information chain. Supply Chain Working Group
Risk and Compliance: The Council recognizes the clear movement toward electronic regulatory reporting by global regulators and emphasizes the importance of standard formats and unambiguous data terms/definitions to enable members to comply with the inevitability of XML-enabled business rule validation. The Council has established working relationships with the SEC, MSRB, FSA and CESR and is recognized as a trusted resource on the practical aspects of financial data management. Risk and Compliance Working Group
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