Program of Work
The EDM Council currently consists of four permanent programs of work (data content standards; best practices/EDM implementation; external relations; and business networking). Each program consists of a number of related projects. Projects are created by the members, facilitated by staff and exist until they meet their stated objectives. The current program of the Council and the projects under each program are:
One of the core objectives of the EDM Council is the implementation of standards for the unique and precise identification of financial instruments and business entities; standard language for defining the terms and conditions of the contracts that govern the industry; and standards for classification to support aggregation and analysis.
All financial instruments, derivatives and loans need to be precisely and uniquely identified. This is one of the basic building blocks of data management and business analysis. The Council takes an activist role in the creation and implementation of unambiguous instrument identification.
All business entities need to be precisely and uniquely identified so that links and relationships about the business structures underlying the financial industry can be evaluated. This is another one of the basic building blocks of data management and business analysis. The Council has been a driving force behind the creation and adoption of the ‘legal entity identifier’ (LEI) standard. More information.
Financial Industry Business Ontology
The financial industry is based in legal and contractual precision. All financial instruments and all business relationships are defined by the terms of the underlying contract. The language of the contract must be both precise and comparable in order for financial institutions, investors and regulators to fully understand rights, obligations, constraints, interconnections and relationships. The Council has documented the ‘language of the financial industry’ and publishes it as the standard Financial Industry Business Ontology (FIBO). More information.
The Council supports the development of classification schemes that allow for aggregation of granular data into analytical categories. We advocate classification according to underlying attributes to enable analysts and regulators to look at operations and investment strategies from a variety of perspectives (i.e. the flow of money, the structure of the instrument/business deal; concentration of liquidity or exposure; role performed, how one component relates to another, etc.).
EDM Implementation and Best Practices
Council members use the organization to document the practices associated with data management; establish assessment criteria for evaluating data management capability; address data quality objectives; and conduct independent research related to EDM implementation.
Data Management Maturity (DMM) Model
Council members have documented the components, business processes and capability areas required for effective data management. The DMM provides standard assessment criteria for companies to use to evaluate their data management approach against documented best practice. It is the result of a partnership with Carnegie Mellon University and combines the practice of data management with the process principles of the Capability Maturity Model Integration (CMMI) standard. More information.
Data Quality Initiative
The activity provides a mechanism for Council members to define approaches and practices to ensure that the data content within the financial institution is both trusted and fit for purpose. Members have defined the dimensions of data quality; are working to achieve consensus on the identification of critical attributes needed for all primary applications; and are engaged in defining the criteria needed for ongoing quality assurance. More information.
The Council conducts an annual assessment of the state of data management and aligns the benchmarking results with the capability areas defined within the Data Management Maturity Model. More information.
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 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.