Are banks behind the data management curve?


assorted drugsLate last year I attended a Data Management Review webinar discussing the impending BCBS 239 deadline, and the implications for banks in 2016.

One of the speakers observed that BCBS 239 is largely designed to bring banks in line with sound data management principles already practiced in other industries such as the pharmaceutical industry,

Drug companies must ensure that every scheduled drug that leaves their factories is tracked and traceable, in order to manage the risk of addiction or death. One enabler is provable data governance and data quality – not necessarily as an outcome in its own right, but as an enabler to ensure that drug related data is maintained correctly.

BCBS239 requires banks to implement and track data governance and data quality processes because paying attention to data is proven to reduce costs and risks.

What do you think? Are banks ahead or behind other industries when it comes to data management?

Image sourced from https://commons.wikimedia.org/wiki/File:Assorted_Pills_3.JPG
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2 thoughts on “Are banks behind the data management curve?

  1. Difficult to say when you haven’t worked in other sectors. But one thing is certain: due to a lot of mergers and acquisitions, banks need to deal with different data models and try to link the numerous databases while maintaining a high level of data quality. Changing 1 part here can have several (unforeseen) side effects. Going for a tactical instead of strategic solution (due to timing/budget constraints) leads to friction costs afterwards. Not easy, certainly not with the regulatory requirements ahead of us: CSDR, T2S Autocollat, BCBS239, …

    • Hi Wouter.

      thanks for your comment. From your perspective do you see business or IT as the key to successfully managing data? How are banks currently approaching the problem?

      Regards
      gary

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