Communications of the ACM
Carnegie Mellon Tackles Data Management Maturity Model For Finance
Carnegie Mellon University's Software Engineering Institute (SEI) and the Enterprise Data Management (EDM) Council are collaborating to create a new data management maturity model for the financial industry. The new model will define the components of data management at the specific business-process level to enable financial organizations to perform self assessments and compare results to documented best practices. The new model will help the financial industry become more proficient in data management and provide a consistent and comparable benchmark for regulatory authorities in their efforts to control operational risk.
"While many executive managers conceptually understand the importance of data management, there are very little practical experiences and no proven operational route map to guide them on their journey," says SEI's Mike Phillips. "With our experience in developing capability models and EDM Council's extensive knowledge of data management, we are confident that the new model will serve as the much needed roadmap for financial institutions."
EDM Council's Michael Atkin says that when data management processes are managed on a manual and reactive basis, efficient business operations and effective oversight suffers. SEI and EDM Council are looking for input from financial organizations so their research can be applied to real-world situations.
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